Corning (ticker GLW) shares broke down hard into a 3rd wave down today based on "Decline of Tablets" whereby net income collapsed by 74% from a year ago. The chart breakdown is clear and unambiguous. Sell these shares short on any strength. It never really recovered from dot bomb and now it will pay the final penance.Look at how that gapped below the support line and then just kept on taking out stops left and right.
This is happening to more and more shares and it will be a chain reaction. I wonder which pension fund was holding GLW today only to find 10% of its value wiped out when they came to work. Any pension fund manager with a brain will sell now, pay benefits out of cash without worrying about income, and then pick up a bunch more shares after the collapse at much lower prices. No stocks are safe when the consumer clams up suddenly like this on fav "can't get enough of" gadgets. AAPL and everyone else must have very poor sales if Corning is hurting like this.
Tuesday, July 29, 2014
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