The Chart du Jour

Corning No Longer Glows

January 29, 2001

By, Barclay T. Leib

Chart courtesy of

Courtesy of PMC-Sierra's fall, the market came after Corning (a.k.a Glowworm) again Friday. As its telecom and Internet customers increasingly are in shambles, Corning has gone from market darling to yet the next way that people can lose their life savings in the blink of an eye. Technically, the stock now stands at risk that on a break of the current early-January low, the next stop -- basis Fibonacci techniques -- will be $26.

Now, GLW has not broken yet, and we must recognize that the Fibonacci bands also fit reasonably well if drawn simply to our current January low (these bands are not shown here). But Corning also still sports a massive P/E of 115-1, and without the perception of brisk earnings growth to justify this level, price entropy reigns.

Please note that Sand Spring Advisors will be next updated Monday February 4th due to other fund management business that draws us out of town. By the time we get back, will Corning's lows have been taken out?

Leave us your thoughts in the Sand Spring Chat Room. We apologize in advance for our brief absence from these pages.

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