IBM Blow-Off Top?
International Business Machines Corp. (NYSE:IBM) surged today, blowing up to a new all time high. The stock had a dramatic rise in the morning session spiking to a high of $215.59 after closing yesterday at $212.06. This run today is coming on heavier volume that usual and could be a blow-off top. A blow-off top is a term known for where all the shorts cover, the retail longs buy and the institutions dump, ultimately a top. The culmination of these events creates the dramatic jump in share price on heavier than normal volume.
Another interesting note is that IBM has moved higher over the last two weeks from a low of $197.51 to the high today of $215.59. This is a run of $15.08. In the world of IBM, that is monstrous.
Whether this is a blow-off top or not will not be known for days if not weeks, but the move has all the signals of that possibility.