Update: Last week's trade was SLB vertical call spread and that trade is working about alright as the oil sector slowly moves up. The spread is up about 35% and I think SLB continues to move up and challenge that 69-70 level eventually where you should take profits.
First Solar (FSLR) has been making a series of higher highs and higher lows lately and has broken out of a falling wedge pattern that goes back nearly one year when the stock was trading around 200. The solars have been out of favor for a while but now look poised to move up, especially if we get oil prices pushing thru 90 bucks like I am anticipating in the coming weeks. I think you can easily see FSLR push up thru the 130s and test the 140 mark from here.
Buy the June/May 135 call calendar spread for 1.15 or better.
This involves buying the June 135 call and selling the shorter dated May 135 call for a net debit. This trade makes money between 121-152 at May expiration. So you can actually see the stock not move or drift lower a bit and still end up with a profit in the next month. Max profits occur if the stock is at 135 at expiration with the potential to see more than a triple on your capital.
Look to take some off the table if it doubles and cut losses on a move under the 117 level which is also the 50 day ema.