In traditional IBM fashion, the quarter was fine. If we really want to get specific, it was just a slow-and-steady quarter, and in typical IBM fashion, it 'sells-the-news'.
I played it before earnings, and now that it is selling off, I am looking to play it again. IBM is currently going through price-discovery, but as of today's close, here are some technical support areas:
1. The 200 level is a solid support level via a horizontal support, and the 50SMA.
2. The weekly chart with the 20SMA, and a previous high (prior to the 2012 run), near 195.
I am looking to take a position in IBM near 201. (Barring no financial systemic shock, IBM should maintain support at the 201-202 level.)