Here’s my trade on DAQO New Energy ($DQ) (June 02, 2022)


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This is Dan Fitzpatrick and I want to look at DQ, which is DAQO New Energy ( NYSE: DQ ). I am sure there is a way to pronounce that. We put this one on our Active Trade List today.

I will get back to this in a second; but solar today, these stocks ( NYSEARCA: TAN ) were all moving pretty well. I went through all of them. This morning Scott McGregor had mentioned that when we were doing a webinar for OMM, Option Market Mentor, the solar stocks were working. And so I looked at a bunch of them. Here’s how you get what the list is, a whole bunch of them and you can look. They are all green, everything went up today.

By the way, which of these is not like the other? ( NASDAQ: SEDG ), ( NYSE: AZRE ), ( NASDAQ: ENPH ), ( NYSE: NOVA ), ( NYSE: SOL ), ( NASDAQ: RUN ), ( NASDAQ: ARRY ), ( NASDAQ: AY ), ( NASDAQ: SHLS ), ( NASDAQ: CSIQ ), ( NYSE: JKS ), ( NYSE: HASI ), ( NASDAQ: MAXN ) Coming out of a squeeze there, popping above the key moving averages. This seems like the one that worked for me.

And so we put that on the list and I put a stop, a suggested stop, right around $49.00. The stock is up, we bought it lower, and the stock is up 8 percent today. You don’t need to put a stop down here in order to know that you are wrong. I am buying it on the breakout, if it pulls back below today’s range, like into the 49s, well then I know that I am wrong and then I am going to exit the trade.

My bet is that this has been some accumulation and I am just kind of starting to get in on the markup phase.

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