Tuesday, January 18, 2011

First Solar "Holy Uptick Batman" (FSLR)

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.
When First Solar was up $3.00 earlier this morning I thought " Say.... Something may be happening".
Currently up $1.70 at $135.28....
Thursday the 13th it was more of the same "First Solar Continues Breakout (FSLR)".
Here's where I screwed up:
Today it's up another buck at $140.83.
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.
Today the stock is up $7.11 to $147.95, so much for that $140 strike price.
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.