I have been bullish on IBM for months. With it’s rally the last three days since the earnings release, the short term risk reward profile is the least favorable in a long time. There is now about 5 points of upside to around 150 and over 10 points of downside to the recent gap around 133.50. If you are long the stock for long term purposes do nothing. You will be getting an increase dividend announced, probably next week, and should continue to hold for future dividends and more capital appreciation. If you are a short term trader and especially if you have short term call options, take your profit and wait for a possible gap fill to re-enter.