International Business Machines (IBM) selling off today even after beating earning estimates yesterday. Will have to dig a little deeper into this one to try and find out why. But for now I'm watching the stock to hold the 50-day sma right around 201. If it continues to do so into tomorrow I'll look to sell put spreads with the short strike around 185. This also lines up with the 200-day sma. There isn't much premium in them now so I may have to move up to 190 but I'll cross that bridge when I come to it.
Otherwise if we lose the 50-day I'll look to go much lower, potentially the 50-week sma at 180.