IBM Super Spike
IBM has been the leading stock in the price cap weighted Dow Jones Industrial Average. This stock has soared higher ever since reporting earnings on January 18, 2011. Today IBM had a fake print up to the $164.35 level. This spike in the tape is being sited as the reason for the strong move higher in the major stock indexes off the intra-day lows. Ironically, the $164.00 level is where the stock should have daily chart resistance next.