Impressive early turnaround for stocks despite the news from IBM and with Rosengren and Fisher downplaying the chance of extending QE.
The S&P 500 is up 2 points to 1890 despite futures pointing to about a 5 point loss at the open. The Dow is down 75 points but that’s all IBM.
IBM weekly chart
How’s you like to be holding $13 billion in IBM shares, like Warren Buffett? That’s an ugly gap.
I think stocks are vulnerable today — these early moves are underestimating the importance of the comments from Rosengren and Fisher.
