We got this one half right.
On Monday the 10th we posted "...Solar stocks are poised to rebound sharply in 2011..." (FSLR; SOL; TSL):
You don't have to hit me upside the head more than a couple times.Thursday the 13th it was more of the same "First Solar Continues Breakout (FSLR)".
When First Solar was up $3.00 earlier this morning I thought " Say.... Something may be happening".
Currently up $1.70 at $135.28....
Here's where I screwed up:
Today it's up another buck at $140.83.Today the stock is up $7.11 to $147.95, so much for that $140 strike price.
I'd expect the stock to consolidate in this area until next weeks option expiration before moving higher.
FSLR has a history of getting pinned at strike prices, but there is serious "pick off the offer" coming into the stock.
The fifty-two week high of $153.30 seems like the target.
That is some serious "pick off the offer" buying. and I have no idea why.
Volume is running about 80% above average and someone is buying every offer in sight.
I suppose we'll find out soon enough why someone is willing to "pay any price..." for FSLR.
I'll be back tomorrow with the weekly chart, it is instructive.
Here's a collection of of Robin's "Holy______, Batman". Although he never said Holy Uptick, some of the lines are pretty funny.