Traders are having a field day with Buffett's latest love - IBM. Oracle of Omaha discovered another hidden gem under his bathtub, and bought a few shares :)
Like I said, traders are loving his play as well - to the downside. Sorry Mr. Buffett, we do not fall in love, we date and break up. Reason? Double top @ 190. Close enough for unfilled gap @ 190.53 (incidentally all-time high), and now open gaps below @ 183.35 and 177.24 remain.
I am not going to bet against the smartest investor on the face of the earth in a long term. But his picks are usually stinkers in the short term. "Buffett bounce" is a short for a swing trade (days to few weeks), especially when the chart says so. Reward to risk ratio here is so great, imho.
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