Despite the SPX grinding higher, it looks like Big Blue is starting to roll over. After coming close to filling the gap around $205-206, it's refusing to participate with the broader indexes and is starting to look a little tired.
If the stock does indeed sell off, then either long puts (no later than July) or long put spreads (no later than June) would probably work out nicely. In the Live Trading Sessions we're tracking a bearish trade that can profit by 100% or more if IBM drops about 3% from here.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.