On both Tuesday 9/16 and Wednesday 9/17, First Solar had an incredible run in the last two hours of the trading day. Take a look at the tape for Thursday's trading, because it happened yet again.
Starting at 2:08pm on Thursday, FSLR was trading at just under $211. And by 3:48pm the stock was trading over $228. This is very similar to both the Tuesday and Wednesday trading. Obviously this can't continue forever but until I see the trend break it will continue to provide short-term profits. Even though FSLR is a great long-term hold I'm currently finding more value in this stock as a daytrading vehicle. FSLR is a great momentum stock, either to the upside or downside. One thing is for certain, do not buy this stock on a decline. This is not a fisherman's special, because it will turn into a freight train that will run right over you.
For three days in a row, there have been extreme rallies in FSLR starting right around 2pm. Today (Friday 9/19) First Solar opened substantially higher and quickly traded up to $244 within minutes. The stock has started to come back down, as of this moment trading around $235, which is still a good pick-up for anyone who jumped on the stock yesterday afternoon.
Let's focus again today right around 2pm to see what happens to FSLR. I'm especially interested to watch the stock if it does continue to trend lower through the midday. This might set-up yet another 2pm First Solar rally. The last three days the stock has gained at least 14 points starting right at 2 o'clock. Today might be another opportunity for a very quick ride.
