It's been quite a wild ride for The Dow over the last 24 hours. Panic-buying into last night's cash close was eviscerated by IBM. Then, following reports of a 15% cut in components orders according to the China Times, AAPL has lost ground, also weighing the Dow down.

With AAPL not helping...

But, weighed down most by IBM near 5-year lows...

If Watson is so smart, how is this possible? As we asked last night...

Also, why shouldn't the $100 billion in stock buybacks and the $30 billion in capex be flipped? https://t.co/aRuRXVhusZ

— zerohedge (@zerohedge) October 19, 2015

As we remind readers that IBM's return on $100bn in stock buybacks since 2007 is -15%

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But of course - The BTFD'ers do not care...

Charts: Bloomberg