This morning I pulled off IBM due to some interesting action in the market. The threat of a reversal was high with the strength in major players like BAC, C, CAT, and others. The market itself has reversed impressively today putting the major sector components back above their 7 day moving averages. I am inclined to buy into this frenzy as the failure of the bears to capture 1400 on the SPX makes it almost certain that 1425 will be tested by the bulls. John, in his trades continues to be long CAT and I am eying X, IBM, and PTR as possible upside entries. I will look for an entry near the close of the market today.