Forecast for First Solar…Sunny! by John Salters Jr.

In the midst of the recovery from the worse financial crisis since the Hoover administration, a handful of stocks are worth keeping a close eye on. While the country and the world collectively sigh a resounding “woe is me”, savvy opportunists are doing some timely bottom feeding on a massive scale; albeit somewhat under the radar. As the markets herk and jerk each time Bernanke or Geithner appear on CSPAN with the collection plate extended, some traders are staying on the sidelines. But if you’re more of a “put me in coach” kind of person, you may find First Solar, Inc (NASDAQ: FSLR) a nice play.

Optimism about the solar module manufacturer comes from a glance at the company’s 24 month chart which shows a gradual decline towards a strong 2 year support level at $100 (close on 8/31/09 was $121.58). The stock price has not quite made it down to support, but it is in a downward trend to be sure. And with intraday price swings of 3 to 5 dollars, there are profits to be had by swing traders as well. But if you’re strictly a trend trader, be poised for a bounce near or break through below the $100 price level. In the meantime, get out and enjoy the sunshine.