New Position Opened

Yesterday I added a new position in RIG and closed out a position in GLW (Corning).  It appears that I was a bit too early to pull the trigger and sell GLW since it has continued to move up.  I just wanted to lock in the profits and plan to reenter the position upon pullback.  GLW is about to complete a Cup formation.  I am hoping to get back in for the handle pullback if the market holds. RIG has been forming a nice base for a while and started moving up upon yesterday's announcement of the govt's plan to allow off shore drilling on the East Coast.  RIG operates and rents out oil drilling rigs and would probably benefits from this development.  In the short run, however, it could just be limited to a run up in stock price on the news.  So far I am showing a gain of around 3% in a day.  I hope it will extend its run and am targeting a first resistance test at 95.  If it breaks thru that resistance level then it could easily test the 130 level.  Of course, a lot of it can depend on the movement in oil prices (which do tend to move up around summer time).  So this may be a stock that moves up while the rest of the market takes a breather.   This is one of my big misses from a while back.  I bought it around 19, sat on it for almost year or so while it didn't do much and then sold it for a small profit.  Of course, that is when the stock took off and never looked back and ended up around 140+.  Let's see if I can get some of those gains this time.