Corning (GLW) pre-released a lower forecast sititng "slow" sales of their LCD glass products.
Hmmmm, I wonder who one of their major customers would be? Circuit City you say, yeah right are they still in business?
So let's take a look at Best Buy... Why has BBY not taken a hit if sales of LCD products is "slow"? Anyway the chart is shaping up for a nice short with a close stop.....
Part of the due diligence here is to checkout the RTH. The retailers have bounced a long way in a hurry on a consumer that is still running out of money and finds credit getting harder to obtain. The long term chart shows a green line of resistance and breaking down to a 6 month chart you can see an inverse H&S pattern. A failed breakout of this pattern could be the downward catalyst of this group.
Hmmmm, I wonder who one of their major customers would be? Circuit City you say, yeah right are they still in business?
So let's take a look at Best Buy... Why has BBY not taken a hit if sales of LCD products is "slow"? Anyway the chart is shaping up for a nice short with a close stop.....Part of the due diligence here is to checkout the RTH. The retailers have bounced a long way in a hurry on a consumer that is still running out of money and finds credit getting harder to obtain. The long term chart shows a green line of resistance and breaking down to a 6 month chart you can see an inverse H&S pattern. A failed breakout of this pattern could be the downward catalyst of this group.
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