Thursday, February 4, 2010

The Stock Market and the Battle of Jutland, part deux Alternative Energy Leads the Way Down (PBW)

Back in July 2007 we posted "The Stock Market and the Battle of Jutland":
"There's something wrong with our bloody ships today, Chatfield"

The words of Admiral David Beatty to his flag captain after HMS Queen Mary blew up.

16:00 hrs-16:05 hrs, Indefatigable explodes leaving two survivors.
16:25 hrs, Queen Mary disintegrates, nine survive.

13:38 hrs, DJIA down 291.82 not quite the tragedy it might feel like.
and on September 15, 2008:
Things that make you go "Hmmm" (AIG; LEH)

Watching Lehman crossing on the tape at two bits. The world's largest property casualty insurer in the $5's. Hmmm.

There's something wrong with our bloody ships today, Chatfield.*
*Comment of Admiral Beatty after seeing 2200 of his sailors disintegrate. Idiot.

He was, of course, promoted, appointed First Sea Lord and granted an Earldom.
We had a couple posts where the Admiral made an appearance...
Today I had the same feeling when I posted "Chinese Solar, Ag lead Declines (FEED; SEED; CSIQ; STP; TSL)". We have confirmation from Schaeffer's Research where the PowerShares WilderHill Clean Energy ETF (PBW) is the worst performer of the 23 sectors/indices they post in their daily wrap-up:

...The sector action maintained the negative bias we tracked throughout the day. The iShares Treasury Bond (TLT) led while the PowerShares Clean Energy ETF (PBW) and Amex Gold Bugs Index (HUI) lagged.

My midday post touched on how the broad market indexes were near their recent lows. As shown below, the SPX, DJIA, COMP, and RUT all closed below what should have been support....MORE