sleepyhead
Active Member
In the long run $20 should be a good price for SPWR. But remember the stock has gone up 6% yesterday and 7% today (add another 3% from Wednesday's bottom). Anything can happen in the next few days. If you don't buy now then wait for a pullback and buy before their Q2 earnings. Company guided for 5c-20c per share, and the analyst consensus is at 10c. Remember these guys are sandbaggers like Elon. I think they might raise guidance for the rest of the year (but this is pure unsubstantiated speculation) on my part.
The correction in the general market may not be over yet. If things get ugly again then Sunpower will probably go down another 10%-20% from here. It is hard to say.
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Here is what will happen to Sunpower tomorrow. It will open and start going up in a straight line pretty quickly to about $20.90 or 3% within the first 3-5 minutes. Then it will go straight down for a few minutes to about 20.40. Then it will go back up to 20.60. If it can retest that 20.90 then it will be another big day of gains. If it only goes to 20.60 and starts coming back down then it will probably be a down or flat day for Sunpower.
This is assuming that we have a flat or positive day in the market. If the market gets scared again due to some minor economic news then Sunpower and other solars will give back a good chunk of gains from the past two days.
Just like I said yesterday evening. The stock started going up for a couple of minutes after market open and reached $20.79 at 9:32 EST and then went straight down to $20.36 by 9:35. It is 9:39 right now and the stock rebounded to $20.60. If it can retest that $20.79 and break through then it might be off to the races today again.
I wish I could do short-term trades but my broker won't allow for that becuase you have to wait 3 days for cash to settle