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I read Downtown Josh Brown’s piece over on his The Reformed Broker blog about James Montier and the notion of waiting for your “fat pitch” to hit as an investor/trader. Indeed, patience plays a huge role in that process. At the end of the post, Josh asks his readers if they see any fat pitches. One reader suggest Corning, symbol GLW.
Corning is a firm that has been around forever in upstate New York, displaying enough flexibility to work in new products and lines of business when necessary to survive and thrive. During the Dot-com bubble, the “Glo-worm,” as GLW is affectionally termed, went parabolic well past $100. Since then, the stock has been not only boring, but a clear laggard in the tech space. The weekly chart below should illustrate that point, with Corning’s performance since the beginning of 2011 quite uninspiring.
The issue is whether Corning is putting in a major bottom now after a steep, sustained downtrend. Two weeks ago, the Corning weekly chart printed a hammer candle, which has yet to be negated (nor confirmed). Overall, the stock is attempting a higher low and double-bottom dating back to last fall. I view the $13.50 as the first major hurdle for bulls to clear on the upside, while the bears are looking to smash that hammer with a move below $12.40.
Corning representing a fat pitch may very well just be a dream–We just need the pitch to come a bit closer to home plate in order gauge the rotation of the seams.
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..definitive pic for posts about stocks that may be bottoming.
..and crack spreads?
Whoa! Chess. This could be your best work yet. No….not the chart.
Please refrain from posting pictures of my mistress.
Is that anatomically possible?
this is shopped!!
Chess, WOW! Who is the girl? Do you have a name? And where did you find this pic?! Unbelievable!