The March 9 setup on Corning Inc (GLW) delivered exactly as anticipated, with upside momentum stalling after a strong multi-week advance and the weekly reversal structure holding into expiration.
Following several weeks of steady upward movement, GLW became technically extended across higher timeframes. The previous week printed a clear bearish engulfing formation on the weekly chart — a signal that buying pressure was beginning to fade after the momentum surge.
That signal became the foundation for this week’s premium capture trade.
The market initially attempted to stabilize early in the week, but the follow-through buying never materialized. Instead, the stock began to lose altitude and drift lower as the week progressed, validating the exhaustion signal that appeared on the weekly timeframe.
By Friday’s close, price finished comfortably below the short strike level, allowing both options to expire worthless and the entire premium to be realized.
The 144/149 Bear Call Spread never came under meaningful pressure during the week, illustrating once again how positioning short strikes in the 10-delta zone provides sufficient distance from price even when volatility briefly increases.
By expiration on March 13, the spread expired completely out-of-the-money.
Trade Recap
Structure: Bear Call Spread
Expiration: Mar 13, 2026
Short Call: 144C (10 delta)
Long Call: 149C
Contracts: 17
Credit Received: $442
Broker Fees: –$11
Net P/L: +$431
👉 View on OptionStrat
👉 View in Trade Log
Post-mortem
This trade followed the same post-extension premium capture framework used across the 10-delta strategy.
→ GLW had experienced a persistent multi-week advance, pushing price well above the EMA cluster on the weekly timeframe.
→ The previous weekly candle formed a bearish engulfing pattern, signaling exhaustion after the momentum expansion phase.
→ Weekly RSI remained elevated above 65, confirming the stock was still operating in an extended zone.
→ The short strike was positioned above the 144 resistance area, leaving a significant buffer between price and the risk level.
→ As the week progressed, price failed to resume upside continuation and instead transitioned into mild downside pressure.
By expiration, GLW closed far below the short strike, allowing the spread to expire worthless and capture 100% of the premium.
When extended moves begin to stall and weekly reversal patterns emerge near resistance, 10-delta Bear Call Spreads remain one of the most consistent structures for harvesting time decay while maintaining clearly defined risk.
Disclaimer
All content is for informational purposes only and does not constitute financial advice.Any trades or strategies should be tested in a simulated environment before use.Trading involves risk, and all decisions are the sole responsibility of the reader.