Monday, August 2, 2010

CCJ Gapped Up, So Did GLW

A gap up this morning is taking Cameco (CCJ) half way to 50% Fib. And another materials stock that's been on my watch list for eternity is breaking out, too.

Corning (GLW). Like CCJ, I've been watching this for a company-specific, fundamental reason and not TA reason. Yesterday I read about how Corning's super-strong glass from half a century ago was finally finding profitable applications in electronics. I went to look at the chart, and what I saw was a rather sloppy consolidation for the past two weeks or so. I thought it was too sloppy for a decent breakout, but I liked the news of this super-strong glass named Gorilla. Just see the chart today. A huge gap up (up 5%). What do I know...

Materials sector seems particularly strong. Another one that's gapped up today is Freeport-McMoran (FCX). FCX has broken out from a better formed flat-top consolidation (than GLW). Congrats to those who are in these stocks. I wish I were.

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