Well I’m done fading the solars. Look what I did to CSIQ. Murder. Stock is still falling, but I don’t want some stupid short-cover spike to eat up the profits. You know what I’m talking about.
Anyway, it was a great setup, and congrats to whoever played it. We gave solars to you as a long since last week, and I said to fade them last night on a gap up. The trade was confirmed when FSLR reversed at 175.xx, and the Dow reversed. There was a 9-12% move on CSIQ from the top to play with, and I was happy to take about 5%. Clean exit on the fade!
Lesson: Buy the rumor (coal-tapes), sell the facts (elections), especially on a gap up with low volume. Also, make sure you cover your day trade short once panic selling starts (see chart above). More solar fades…
Anyway, I’m expecting a short cover rally into the close on solars.
Aloha!
-gio-
Is the Fly trying to trick himself with his latest buys/sells?
shoot, i just sold half my EEV this morning at a loss.
eev touches 60 by the end of the week.
write it down
Gio:
Really nice tutorial on the csiq trade, thanks.
Took my FSLR profits off the table 179 down to 170 made 25% profit on the Nov puts I was using—How’d you like the way I tracked down the 180 go short FSLR target?
zee
Tried to get back in FSLR short EOD, but went short on QQQQ instead.
SPWRA pre-announced they are going to miss earnings by 17%–down goes the sector, more than likely__ look for a gap down, I’d say.
Just spot on. Thanks for explanation. I didn’t play this game for solars but I applied this to other stocks like odfl etc. and got some quick profit. Thanks THT for insightful posts.