International Business Machines (IBM) was my stock pick of 2020. It quickly soared shortly after my story was up on the Real Money website, but like so many stocks it reversed and declined to my suggested sell stop. At best the recommendation was a scratch and at worse a small loss if you were disciplined. A fresh look at IBM now seems in order as prices have soared higher this week.
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Shares have rebounded smartly to challenge the declining 50-day moving average line.
The detrended Rydex ratio remains very bullish.
When I scan the restaurant space, I remain perplexed, wondering not only when they might be able to reopen, but also how quickly consumers will come back, and to what degree?
This is still a very difficult market for individual stock picking as the action is strongly correlated.