Corning (GLW) was at a lifetime peak yesterday. This morning, on the heels of its earnings report, it is sporting an island reversal pattern with a price gap at 88.15:
Corning Island Reversal
Slope of Hope Blog Posts
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Oil Gap Holding
My oil and gas ETF short, XOP, is holding together quite nicely. The gap I based on the trade on (130.59) held firm, and now I’ve tightened up the stop with a new price gap that was formed today (128.07).
Energy Gap to Consider
Celebrated chartists such as I are able to look at the chart below and draw conclusions from it without assistance from any human or AI system. The chart is crude oil and the trend………is UP.
Thank you. I’ll be here all week.
Where You Going, Pal?
Yesterday, I came THIS close (holding fingers very closely together) to buying PALL (the palladium ETF) only because I want to own this and figured that it was at least cheaper than it had been a couple of days prior. Luckily, the moment I glanced at the gold and silver charts, I dropped that notion, because it’s going to be a while before precious in general is cheap enough to be appealing. (Indeed, /PA was smacked down about 7% earlier this morning).
Gap-Based Shorts
I presently have 24 short positions. Four of them are specifically based on price gaps, and they are shown below. Click on any image for a much bigger view. The arrow marks the gap, and the tool tip (black rectangle) shows the price level of the gap itself. My stop-loss orders are a little above these levels.
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