Every now and again charts just don't work-- if they did, everybody would use them. Even after Corning re-affirmed fourth-quarter guidance, it broke through support and decided it wanted to hang around in the 19's. Normally I drop a stock that breaks a strong support, but GLW does not have enough flaws to make me drop it.
Assume the analyst at UBS is right and there will be a weaker demand for LCD monitors and big screens. Wall street will not care when they release Q4 numbers in January, and see potential growth. Charts still look pretty on the MACD side, so I will give GLW a month to cooperate. RSI is getting low, Slow STO is below 20, I don't see more short term free fall to come.
As a side note, STP could be looking to start a Cup-and-Handle. Lets cross our fingers and hope that Christmas comes on time.Good luck to all of you and be careful, the DJIA charts still look UGLY.
-Chris
*edit* I caught this article after hours today on NFLX, which is the reason they took a 2.5% drop when the market closed.
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