The bet is for a move to at least $17.00 before earnings. It was based on stretching the lower Bollinger Band, and the fact that this stock generally rises into earnings. I am not above going short but this time I am definitely long.
It looks like we will start well today, after that who knows?
My friend I notice you are using the past tense.. 'was' in your description of your present option. Yet you also state part of your strategy IS wagering long into earnings. Possible conflicts within your stance. Q? Is ya or was ya long, shorty?
Probably worth less than the kilobytes it's written on, but personally I'm gonna wait for confirmation above 50 dma and the sweet spot in those BBands, then go in stronger rather than bottom fish with less bait right now. Then if that is successful I'll go to the beach, have a swim and relax til earnings. If newbies get too excited about it all 'en conference' and volume has another green woody like last time, probably then time to go on south down to Mexico again.
"SPWRA just drove off a cliff along with most of the rest of solar a few minutes ago"
Italy finally finalized their decision about capping solar. It's no change from what they suggested after Japan (which is better than the negative expectation pre-Japan) but it's a nervous market day as well so that might magnify everything that can conceivably be taken as "bad" news.
Technicals are not as favorable as I would like. But, given the US government support for SunPower, I'm still inclined to hold and might even add if price really dives. Will watch awhile before deciding.
The earnings call was partially what I was betting on. The other was that it had pierced the lower Bollinger Band. I have used BB to make a few profitable trades over the years. As of right now it is a losing bet. SPWRA just drove off a cliff along with most of the rest of solar a few minutes ago. Virtually all solar is at or below where they were when the Tsunami hit Japan a month ago.
Don't ask me why. Some European functionary did not say the subsidy word forcefully enough, probably.
I don't see volume being particularly telling either way of late. Yesterday was a big sell off for mr market, yet selling volume was not overly unusual for this one on such an occasion.
I'd tend toward it looking oversold, as you have wagered, yet with overall market dull to weak, a dip back to 14's wouldn't surprise me at all before it hooks back up. It doesn't have the strength to buck overall market action by itself, but will probably rise if market does, esp. a week or two before next earnings call.