10Nov12:39 pmEST

Gym, TAN, Laundry Says No Energy Bottom Yet

If crude oil and energy stocks have put in meaningful bottom, then the energy-sensitive solars have yet to get the memo. Our stance that solars remain in a firm downtrend with plenty of trapped longs from above "holding and hoping" remans intact, as the likes of CSIQ FSLR SCTY SUNE all plunge today. 

Just when it seems like solars cannot go any lower, the sector ETF chart, below on the weekly timeframe, suggest a bear flag consolidation (light blue lines) may just now be starting to break lower. 

I suspect, much like with the coals (ironically), we may need to see a bankruptcy or two before a true bottom can be attained, or at least textbook capitulation by those trapped longs in the likes of now-penny stocks like YGE. 

As for the market at-large, I will cover that and plenty of ideas for Members in my usual Midday Video. 

The Tide Went Out A New Gauge of the Consumer


This website is intended for educational purposes only. | © 2024 MarketChess.com | All Rights Reserved | Website design by Saco Design | Superpowered by Site Avenger

mobile site | full site