IBM longs: this is what happens when you buy +3 sig

on the monthly. There was a LOT of smack talked by the REDBULLZ on this one. I have never come out here and said I was actually short this, but have made negative comments several times


Some of the very recent being HERE at ALL TIME HIGHS, and the truth is I have been short for over a month, and I just now covered, but that is not what I want to talk about.

Somebody on Twitter had mentioned this thesis of BULL FLAG on the MONTHLY on IBM and that we had based for 10 years, and how that break out was so powerful.

Well I kept my shorts But in the back of my mind, I am not going to forget this. As I've said before IBM, 10% of DOW. Last time it was at these monthly levels was tech boom. Now the tell will be whether over the next 6 months or so we continue to stretch these bands up and move north with IBM, or we drift into decline.

The IBM monthly chart was one of the strongest reasons I was beating the table bearish (on Market) back in January and I am still bearish. I will be on the look out for all possibilities over the coming months.

So you were short but you just never said so??? Interesting. I didn't get anything like that out of your post at the time. But you got me...I thought it was bullish when IBM traded to new highs. Wasn't my first market mistake, won't be my last. IT

AMD just covered. Once again, a little early, but the most dynamic trader on the net.

So you were short but you just never said so??? Interesting. I didn't get anything like that out of your post at the time.

But you got me...I thought it was bullish when IBM traded to new highs. Wasn't my first market mistake, won't be my last.

IT

It was not the first time I had made negative comments on IBM, I had made negative comments on several occasions both here and on TWITTER. I was very neg once it got above 155, (and began to make emotional comments about how ridiculous it was) but had a feeling that the volume spike up that up day after earnings would "coast" it for a while. At that point, it was just a matter of trying to TOP TICK the daily a little better. Did it off this chart. Simple stuff. I knew that markup was a 150% FAKE the other day, you darn right. Why, because it has NOWHERE TO GO UP, and the overall market was breaking down.

FYI, being short IBM actually COST me more than it made me? Why? I had too much BP tied up short common, thus when I got caught in the RUT short from end of Jan, I had no money to ADD at highs (only a few shares which I posted live here by the way at TZA before the split.) Anyway, it was the Morning of the TOP in RUT, but I just had hardly any money left. The RUT crashed 40 handles in next 2 days, but I was still just barely in the red and held, only to stop out a bit later due to risk management, and holding TZA for so long. I NOTED LIVE that if I had been holding IWM where I had bot TZA, there would be no way I would get out there. I then followed this up will a full position short that netted me 30+ RUT handles, but the point is; If I had had the IBM money, I would had properly added to the RUT short the first time at the top and been able to get out with a profit in two days and not had to take the loss. Posting live trades, doesn't pay more and brings more stress. I not selling anything. I don't need to. As far as IBM, anybody buying or holding longer over 155 deserves to lose money. Greed.