The solar stocks have really been on the move as of late. Today the solars were up big pre-market after the announcement that the alternative energy bill may get passed as soon as Tuesday. After the big gap up today in ESLR I sold half my position as the stock started to show weakness. Most would say that this was a dumb trade considering how explosive the solar stocks have been, however, ESLR has more than exceeded my price target, so why not lock in hefty profits now and keep the rest for a potential rally? Besides, now I am playing with the house's money.
Here is the daily chart for ESLR. Broke resistance after the gap up this morning but gave back most of it's gains the rest of the afternoon finishing below resistance. Like I previously stated, half of my position is still on the table in anticipation of the alternative energy bill being passed this week. Could we see an inverted head and shoulders pattern soon? We'll see.
Monday, April 7, 2008
Evergreen Solar (ESLR)
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2 comments:
don't you think stocks and shares are dodgy..? all that money invested... especially in pensions etc... know what i mean..??
Yes absolutely and that is why I sold out half my position. Even in a "sure thing" such as solars are right now, nothing is guaranteed.
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