covered FSLR +20% in 3 weeks, Chart Updates

Per our stated stop level we yesterday covered our short of First Solar, FSLR, for a 20% gain in 3 weeks.

We hope to re-enter short at higher levels, but for now the stock would be lucky to get above $130 and significant market strength will likely be required for that to happen.


Updated charts on some open positions :


CGP, Cornerstone Capital Resources, long. Half has been sold for 54% profit.




BMO, Bank of Montreal, short.




DRI, Darden Restaurants, short.




EMX, Eurasian Minerals, long.

We entered EMX in January of 2008 at $1.85 and enjoyed a quick spike in the share price but then let it get away from us on the downside as can be seen on the 2-year chart below. It happens occasionally, that we do not trade out of a stock when we should, and luckily in time we get a bailout of sorts thanks to the market.

EMX has enjoyed an excellent trailing 12 months, and is almost back to our entry price so we continue to hold hoping to finally realize a profit. We note however technical resistance just above current levels so we'll limit risk to the lower green rising trendline.




Note we wrote at the time that "we've firmly called a bear market for much longer than most commentators have even dared to consider a bear market possible, and we stick by our bearish sentiment believing today's highs in the markets may be the highest levels most stocks will enjoy for quite some time to come."

Indeed a 2-year chart of the DJIA, coupled with the cartoon found at the top of this post, puts those comments in perspective as well as the notion that we're in a bull market :








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This blog is merely a diary of some of our thoughts and trades and is in no way whatsoever to be considered investment advice of any kind. Always without fail consult a competent, experienced, and honest broker or investment advisor before making any investment or speculative decisions.

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