***NOTE: OUT: Existing Position: Long AXL 22.66 ATR: .48 at 21.73 the original sell stop. Will revisit if it clears back over the 200 DMA or touches down on the 50 DMA below.
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****Sold ½ Position at 59.79 Existing Position: FSLR: Long ¼ 53.09 ATR: 2.12
Name of Instrument: First Solar Inc
Current Price: 59.32
Trailing Stop: 54.49
Reason For Trade: Those of you who have known me for a while know that I like the solar industry as a growth area over the longer term. First Solar reported robust 3rd quarter earnings. Technically, we waited to buy once it corrected to and held the 200 DMA. In an Accumulation Phase, the correction gave us the opportunity to buy against 3 major moving averages: the 50, 100 and 200 DMAs. Our stop is generous to allow for a smaller position size given current market volatility. Our stop is also under the 65 week moving average. If the market holds up, a close at the end of November over 56.20 is a breakout over the 23 month moving average. If the market fails again, we have lots of room to move up the stop and reduce the risk.
***REACHED! First Profit Target: 59.79 for 1/2 off
Second Target for another ½ off: 64.00
