FSLR reported earnings before the open today and had a huge rally. “Quarterly revenue more than doubled to $196.9 million, from $66.9 million in the first quarter of fiscal 2007.” I was tempted to buy in the pre-market with the amount of volume that was going through this thing. I decided to wait for a pull back and buy after the open. I looked back at MA from two days ago and noticed a similar pattern in the pre-market after they reported earnings. There was a pull back into the open with a short-term bottom almost exactly at 8:30.

For once I had a plan and executed it fairly well. I was looking for FSLR to pull back to 296 for an entry and looking for a run to 310 or 315. I called it ahead of time on WallStreak but still didn’t have the patience to wait for 296 for my entry.

I forced the trade and got in at 298.28 instead. I was only in with 100 shares so the lack of patience didn’t cost me that much. After getting in the trade it immediately went against me for over 4 points and I had to look away from the PnL and read some blogs. I was confident that FSLR would rebound so I didn’t want to risk the chance of taking a loss. When I looked back I was up $400 on the trade. Needless to say, there was a lot of volatility in the stock and I found myself down $200 again before she rallied back up. As I mentioned on WallStreak, I was looking for 310-315 on FSLR, but I didn’t have the patience to wait it out. I got out of the trade at 304.42, almost 4 points away from the high at 307.80. So by missing my original entry and not holding a little longer I cut my profits in half. This trade netted me $615.

I had another trade with 25 shares on FSLR later in the day that didn’t work out and cost me about $65. I should have been able to make more trades and money, but I didn’t want to give back the gains. Regardless, I am still happy with my trade and this is a good ending to a good month. Maybe with this fed stuff behind us, we can get a little more action in the market in May. See you next month.

Stocks
Trades: 314
Shares: 59,050
P/L: +2,521.95

Stocks
Trades: 2
Shares: 150
P/L: +550.50

Stocks
Trades: 12
Shares: 1,900
P/L: -148.05

Stocks
Trades: 9
Shares: 1,500
P/L: -252.32