The market has been correcting for a few weeks. It doesn't go straight up or straight down. The Nasdaq saw a peak of 3196 on September 21 and is now trading at 3072. That is 120 points in less than a month on the growth index. Sure, the market is up this week. Which gives it an even greater chance of going down in future weeks.
IBM has pierced its 10 week and 40 week lines in heavy volume. That is a red flag for any trader. I hold long term, and not looking to add, so I could care lees where IBM trades in the short term.
Well now, after a 67 point drubbing on the Nasdaq it is trading at 3005! There are many saying IBM is steady and a buy at $193! I am not so sure about that. The market is in correction and nobody knows when it will turn around. Also, nobody knows when IBM has bottomed because it has pierced all key technical levels in heavy volume.
If it trades down to $183 i would think that would be a good entry point? But, who knows? It can go much lower. Good luck!