Just monster action today. Compare these numbers to where they were March 9!
FSLR beat earnings and the stock traded up to 190! This was 107!.
Green Mountain Coffee hit 79 today. It was 37.
WYNN hit 44. It was 15!
Dow Chemical closed at 16, it was 6.
IP was a penny from 13, it was 4.
MGM was a nickel from 10, it was 2.
The first three numbers had a huge short base. The last three plays had huge games in credit default swap lands.
The bears got fried!
I sold FSLR today at 188; I don't care how much they want too hype this, or how much they beat earnings---Goodbye! I'll take it! I just played hot potato with that number! I hope it moves some more. But it won't be with me!
And I put the money in SunPower at 27, even though they just raised money at 22.
I just can't get a handle on FSLR's cadmium leakage issue. In their annual report, they only had a current accrued warranty liability of $4 million, and excluding their largest customers, all other customers combined are less than 10% of sales, so the replacements of panels is obviously not a material issue, but I needed an excuse to sell, so I took it.
I said goodbye to ISRG also. It's moved 50%, and the gap up was just too much not to take. And I wanted to know that a short that was covering was buying from me! I hope it runs some more, but I'm not a proponent of the hope theory!
I needed to take some chips off the table, because I'm going into some other lower priced names, that should give me more action like the numbers at the top of this post did!
But at least today, we finally had some action that this market sorely needed.
Bears throwing keyboards!