IBM Again

Time to start adding to the IBM short? It seems like time is moving pretty fast for IBM, I don't like to rush in to positions, but as mentioned, events seem to be unfolding pretty quick.

 IBM on a daily chart was set up perfectly for a head fake move, a big bullish flag, a break above resistance, all of those things that longs like to see and all of those things that create head fake moves or bull traps. We've been watching IBM to do just that and thus far it has done just that.

 The last update this morning as IBM was headed down I said I thought it might linger around resistance which is now at yesterday's close, it moved up that way and headed lower.

 With the timeframes all looking pretty bad like the following: 30 min

 15 min

 5 min

 3 min

It's starting to look like IBM may make a quick head fake move and not the longer lasting moves that linger above support for days or weeks. So that means I'd probably look at adding to yesterday's IBM short that was started.

 At best there's a 1 min intraday positive divergence suggesting an upside move from here, how far? I wouldn't say too far as of what we see right now.

The 2 min chart is possibly positive, it hasn't turned upward yet and the 3 min is negative, so as of now, it doesn't look like much of a move up, but it is early in the day and there's time for the intraday charts to improve, but I'd probably consider adding another 25% on a move higher, around yesterday's close would be nice, above it would be better.