GLW: Appealing pattern of near-term consolidation following a significant sell off since may highs and failure in recent attempted recovery.
Oversold conditions offer an attractive risk/reward with defined exit levels.
Similar behavior is exhibited in other technology names like AMD and SNDK.
Clearly, three tech names are in different groups and fundamentals suggest stock specific stories to justify recent declines. Regardless, I view these names as quality, high-beta tech names that are neglected by the street.
Market appears satisfied with current levels but thinking ahead suggests that current levels should offer a recovery bounce within trading range. And a pending profit taking in big winners like CSCO and ORCL can lead to rotation into non-extended names. Rather long bottoming tech names than short leadership at today's level.
Given an upward sector bias in technology combined with current extreme mispricing - like this bet!
Commodity related names on the watch list VLO, PEIX and CCJ.
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