On June 28, Barron's Tech Trader Daily page published an analyst report from gambling-house Goldman Sachs titled "Solar: Goldman Launches; Says Buy FSLR, JASO; Sell WFR, STP."
I'm no fan of Goldman Sachs but am a big fan of solar energy as a longterm investment, and particularly of STP, or Suntech Power, a Chinese-based manufacturer and marketer of photovoltaic solar power systems. I've been in-and-out of their U.S.-sold ADR's for over five years now and have been looking to get back in as the stock, as well as the entire solar sector, have dipped near their 52-week lows.
Goldman's sell rating on STP with an 8.40 target price, 11% lower than their price that day, prompted me to leave the following comment on the article:
6:28 pm June 30, 2010
SaipanSolarMan wrote:
Goldman? Is anyone still listening to these crooks? I’ll seek stock advice from my grandma before I look to this outfit for advice. What a joke.
On June 29th the stock dipped below $9/share and nearly did again on June 30. On July 1 I put in an order at 8.96/share and got in. After a nice 3-day market run where the solar sector particularly benefited, I sold my shares today at 11.25 on a market order. In-and-out quick is not my preferred method of investment but these are highly-manipulated markets nowadays and I've reconciled myself to playing their game. Making money going opposite a Goldman negative call is that much more gratifying. I couldn't resist leaving this comment tonight on the same article:
6:14 am July 10, 2010
SaipanSolarMan wrote:
Thanks Goldman! I took your advice above….and did the opposite. Bought STP just below 9 and just sold today at 11.25. A tidy 23% gain in less than two weeks. You guys rule!!
The most overpaid jobs in America have to be at Goldman Sachs.
2 comments:
Great article. Like that quote from our chief of staff. WTF.
GS is running the country. Did you see how many former GS executives are in the treasury Dept? Cant find any corruption or collusion.
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