International Business Machines (IBM) NewsBite - IBM Is On the Move

Posted: Thursday, October 29, 2009 10:32 AM EDT

International Business Machines (IBM) appears to be on the move today and is now at $122.04, up $.54 (0.44%) on volume of 1,096,338 shares traded. Over the last 52 weeks the stock has ranged from a low of $69.50 to a high of $128.61. IBM was covered in a Lee Allen report today. To read the report, go to www.marketintelligencecenter.com/la102909 . International Business Machines stock has been showing support around $119.21 and resistance in the $122.83 range. Technical indicators for the stock are bullish and S&P gives IBM a positive 5 STARS (out of 5) strong buy ranking. If you are looking for a hedged play on IBM the stock seems like it could be a candidate for an April out-of-the-money bull-put credit spread below the 105 range. [ABR-Seven Summits Strategic Investments NewsBite]

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