We want to enter short positions at the market in IBM and BMY.

IBM continues to make lower highs and we think that last weeks rally was a correction of the recent decline from $157.  We would enter a short position at the opening of Tuesday’s trading.  We expect the downtrend to continue and would use a buy stop at $156.76 on the short position.

We also would enter a short in BMY at the market on Tuesday’s opening.  Recent action we feel was a 50% corrective rally of the recent decline, and now we can resume the recent downtrend.  Use a buy stop at $63.39.

Good Trading,
Todd Butterfield

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