First Solar (FSLR) has been in a downtrend ever since reporting earnings awhile back and it now has failed at resistance back to its 8 ema at 107 and is set to go lower. The stock has some support at 98-100 so I 'm not certain it has its major breakdown below there just yet. Eventually yes it will and you will want to buy some puts on a selloff beneath 98. The solars are facing headwinds from the price of crude oil falling to near 70 and if that continues--as I think it will--then they will further sell off as the need to alternative energy is reduced in the short term. Don't get me wrong. Long term yes we need solar but the problem right now is that the industry is facing all sorts of pressure. Subsidies are running out and FSLR specifically is being hurt by the slowdown in Europe. Oh and the chart looks like hell.
Sell the July 110/115 call spread for 1.75 or better.
This expires worthless if FSLR is below 110 on July expy but if it breaksdown in the coming days or weeks then I would buy it back for a dime or quarter if that's offered. Cut losses on a close back above 110.