IBM (IBM) Stock Dropping After Earnings

Shares of IBM (IBM) dropped hard tonight after the company reported a slight earnings beat but missed revenue estimates by $1.07 Billion.  IBM usually delivers solid results but the last two earnings report were lackluster.  Shares of IBM are trading at $176, down 6% on heavy volume.

IBM stock needs to hold $170-$172 or shares will hit a 2-year low.  Resistance is located at $180.

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Stock Market Dropping on Government Shutdown

The stock market dropped today due to fears of a Government shutdown.  The Dow Jones shed 129 points and the S&P 500 dropped 10 points.  As of tonight, it appears we will see a Government shutdown starting at midnight tonight.

In my opinion, this shutdown will give both long term and short term investors another buying opportunity.  This might even be the last buying opportunity of the year as fund managers are likely to chase performance into year end in order to make a decent return.  The S&P 500 is a strong buy between 1660-1680.

The good news - IPO's will still trade for the next two weeks regardless of a shut down.  Keep an eye on PotBelly (PBPB) and Re/Max (RMAX) this week!

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