Revenue growth was present, so the stock popped and with it's efficient operations, upside in earnings followed. Next quarter should see continued EPS acceleration, which should cause the stock to trade higher.
As per the chart, the new low-end range for is 174. (Upside is the unknown because it will test its all time high :)
I have been touting the new trading dynamic with IBM, and how it is seeing multiple expansion. If we take into account the multiples currently seen this quarter, and project out (via my forward PE), its new upper trading range should be around 190.
I will let it consolidate around 178, and will not hesitate to re-enter a position when I feel comfortable with the consolidation.