07May10:42 amEST
Solar Should Be Good for a Tradable Bounce
After roughly a 60% (!) drawdown since January, I will take my chances with the domestic solar, Sunrun (below on its weekly chart) into next week for a sector relief rally. You are talking about a reversal candle in the works on this weekly chart directly at prior support since last summer. Th entire solar sector has pretty much been whacked. And while they were ripe for a correction over the winter, it sure seems like sellers have overstayed their welcome just a bit, considering oil is firm and we still have a left-leaning Administration looking at clean alternatives.
Uranium remains probably the most attractive. But I do not view solar as dead.
As for the overall market, a weak jobs report sees yields slump and tech stocks get to enjoy a relief rally. Let's see if bulls can close QQQ back over $335 into the weekend.
But my focus right now is on long gold and select commodity stocks, more than anything else.