NEW YORK ( TheStreet) -- The volatility following an earnings report can provide trading opportunities for investors and traders in a strategy I call "buy and trade."Quite often a stock will move up or down or both, following an earnings beat, miss, or a shift in guidance. This volatility can provide an opportunity to adjust positions in the stock. I advocate using GTC Limit Orders to buy weakness to a value level, or to sell strength to a risky level. Below, I review the stocks that reported their results on Tuesday and Wednesday. On Monday I profiled seven stocks that reported results on Tuesday in Handicapping Tuesday's Earnings Reports. Five of these stocks were Dow components. On Tuesday I profiled nine stocks that reported results on Wednesday and will report Thursday and Friday in Handicapping Key Earnings Reports. Six of these stocks are Dow components. Two stocks reported their results on Wednesday. CSX ( CSX) ($21.19) declined to $20.59 on Wednesday after warning that coal and agriculture shipments would be depressed by the effects of the U.S. drought and competition from cheap natural gas. The stock tested my monthly pivot at $20.78 giving aggressive investors or traders the opportunity to add to positions. My semiannual value level remains at $17.35 with my semiannual risky level at $22.60. Goldman Sachs ( GS) ($124.92) beat both earnings-per-share estimates and revenue but with little price volatility after results were announced. The stock traded higher going into the report. This was a case where better than expected results were factored into the price action before the release. My monthly value level is $106.35 with a weekly risky level at $127.17. IBM ( IBM) ($200.63) reported their sales missed analysts' expectations and the company gave a cautious outlook citing weakness in Europe. The stock stayed below my monthly pivot at $208.88, which indicated risk to the 200-day simple moving average at $197.83 and Wednesday's low was $198.55. The weekly chart shifts from positive to neutral on a close this week below its five-week modified moving average at $203.41. Without a rebound the weekly chart will shift to negative next week. My semiannual value level is $178.43 with a monthly risky level at $208.88.