Trim IBM to 30-40% of benchmark weight with a $242 stop loss. The position faces five interlocking risks: an undisclosed legal overhang causing the July 14 crash, a confirmed death cross with anemic 3.69M bounce volume versus 10-67M during the crash, sharply decelerating FCF ($2.21B Q2 vs $4.78B Q1), structural balance sheet vulnerability (58% goodwill, 0.79 current ratio), and insufficient near-term catalysts. Calendar Q3 2026 earnings as the binary catalyst for re-evaluation.