ENER - Energy Conversion Devices Update FSLR

As you already know, I am a shareholder of Energy Conversion Devices...ticker symbol ENER.

I bought this stock on the first day of the Earnings breakout at $42 per share at about 9:45am. I watched this stock all morning up go with huge volume in pre market so it was the real deal this time. ENER has had major problems executing earnings in the past....so finally seeing them execute was key to a successful new management team.

So after 10am it held $40 and went on to break a new high of day. When stocks break out on huge volume, especially the high of the day after 10am.....it can potentially set up for a incredible move.

When ENER broke out, I had flashbacks to First Solar ( FSLR ) back in Feb 2007 when I bought FSLR in afterhours at $38 after they released their earnings. It went down to $36...shot back up to $40 and I sold for a nice $2000 gain. First Solar is now $310 per share.

Back to ENER.....I knew from my Stock Charts that the first resistance level was at $46.88ish. Turns out we blew past that level....hit $48, and then bounced off the support of $46.88 level repetitively. I then thought if this level could hold, we would test $50. A close above $50 and we would quickly run to $55 and eventually test all time support at the $57.82. Keep in mind, I found these points from highs 2 1/2 years ago.....because of the fact ENER gapped over the previous years highs...I needed to find the next ones which took my the whole way back to 2005.

So in conclusion.....I think ENER is a baby First Solar if management can execute....that is a big " IF ". So far they have shown us three straight quarters of great things.

On the charts, if we can close over that big resistance of $57.82 we could really start moving.

To view my ENER chart go to : http://blackberrystocks.com/ener.html