Friday, September 5, 2008

Green on the Screen: Solars

It is not a market for "Til Death Do Us Part" but the solar group is bouncing off today's bottoms.
The first four trading days of September have been brutal. At today's lows we've seen declines of:

FSLR... 20.8%%
YGE..... 20.6%
TSL...... 20.1%
STP...... 19.4%
LDK..... 18.6%
ENER ...17.0%

Basically a bear market in 3 1/2 trading days.
So we can look for a bounce but think of these names as a trade; bear markets can suck you in. When I first came to the market, one of the older traders told me he was saved in the '73-'74 bear by a cartoon:
(click to enlarge)

That's Alfred Frueh's January 16, 1932 New Yorker classic, "Just around the Corner", commenting on President Hoover's statement that "Prosperity is just around the corner".