Trading update on top short of '08: Closing short on First Solar

With the continued weakness in financial markets, I am reminded of a saying by old Jewish sages about 1800 years ago. In the book Ethics of the Fathers the question is asked, "who is happy?" The answer given is,"he who is happy with his portion."

With that in mind, I am suggesting to readers to close their short position on First Solar (NASDAQ: FSLR) and book a gain of more than 32%. As a reminder, First Solar was my top short of '08, and while I would have expected to keep the short on for more than just a couple of weeks, sometimes you just need to book a profit. Not bad for 16 days. Though I still believe that all these alternative energy stocks are trading too high, 32% in 2.5 weeks is a nice return and I suggest booking it.

Remember: Some times the bulls win and sometimes the bears win, but the pigs never win.

Happy trading!

Aaron Katsman is the lead Portfolio Manager and Managing Director of America Israel Investment Associates, LLC. and Senior Editor of IsraelNewsletter.com. Disclosure: Writer has no position long or short in any stock mentioned as of 1/16/08.