07Sep10:44 amEST

Alternative Energy the Main Star

In front of an Apple event, more Fed speakers, then Powell tomorrow (although the WSJ seemed to make clear this morning that a 75 basis point rate hike is all but sealed), we have a modest bounce in equities underway. On the S&P 500 Index, the 3900 level looks to be the latest battleground area in full effect as we slowly but surely get everyone back at their desks after the summer session. 

Perhaps the most interesting aspect of the morning so far is that even as crude oil gets pummeled into the mid-$80s the alternate energy sources seem to be thriving in some spots. Typically, one would expect those alternates to thrive as oil goes parabolic out of necessity but not when oil is disappointing to the downside. 

Specifically, solars in the TAN ETF and uranium in the URA. 

Solars, especially, are out in front, with ENPH a widely-watched name amongst traders trying to clear a tight daily chart base. FSLR has also dazzled of late but looks too extended to chase, to my eye. But the likes of NOVA RUN SEDG SPWR and even CSIQ all may be viable here if the group can hang onto these gains and build the rest of the week. 

Of course, I tend to be skeptical of most longs in an overall bear market. But if 3900 can hold during the first part of the month it may be just enough room for solars to thrive. As for uranium the CCJ consolidation looks attractive above all major daily chart moving averages. 

I Told You I Ain't Got No Ag... J-Pow Money Printer Go...Ahh...

 
BackToTop
 

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