Dogs of the Dow to Sell: International Business Machines (IBM)
Click to Enlarge As the most heavily weighted component of the price-weighted Dow, International Business Machines (IBM) has an outsized influence on the direction of the overall index.
After peaking in early April, IBM has been a drag, dropping more than 6% from its high after reporting weaker-than-expected first quarter revenues on a double-digit decline in its emerging markets business.
I’m looking for a drop back to support near the triple-bottom low near $170 set in October, December and February. That’ll be worth an 8%-plus decline from here.