TradingKey – As of Tuesday, July 21, IBM (NYSE: IBM) is hovering around $213. The stock is up a bit for the day following last week’s record selloff. Trading so far today has been relatively calm, with shares moving between $204.50 and $219.95 for most of the session and also up modestly in after-hours trading. The market seems to be in a holding pattern ahead of IBM’s full Q2 earnings call on Wednesday, which starts at 5:00 PM ET. The stock is still about 35% below its high in June at $329.23. The options market is pricing in a move of about 7% either way after the earnings call. For investors, the focus is not just on Q2 revenue numbers but what the company’s leaders have to say about the second half and whether any delayed deals will…