Saturday, July 4, 2009

June 29-July 3: Another Downer Week

More bears are attacking

The Dow lost 148.58 points over the week, nearly 2% off. The NASDAQ drop 42 points and the 20 Solar Stocks Index (20SSI) lost about 9 points both finishing 2.3% off last week.

MarketWatch and CNBC point to several reasons why the market over the past three weeks is looking bearish. The price of crude is doggedly rising; data from the Fed points to a weak, if not weakening, economy; brokerages and banks hint at more depressing news; some strong companies in tech are giving cautious projections; and the Federal Reserve has left interest rates the same.

Solar companies of all sizes are chomping on the bit because of stingy financing of projects they've lined up. The already watered-down House version of the new energy act could get even weaker in the Senate version. The existing version requires that 15% of all energy produced by 2020 must come from renewable sources. That's a measly 1.5% a year; not much of a goal. Fortunately, many states have legislated for higher renewable energy standards that dwarf the Fed's approach. California has mandated 20% from renewables by the end of 2010 and 30% by 2020, although attainment of either is questionable.

Prospects for solar and wind looked a lot more promising in November than what's happening right now. It's looking like Big Oil and Big Coal, with their copious amounts of cash and armies of lobbyists, have poisoned America's representative democracy irreversibly. As profit continues to trump common sense and scientific data, our once-great nation is now pimping to the highest bidders. Happy 4th!

Week of June 29-July 3, 2009

Monday OpenFriday CloseUp/Down% ChangeClose 1/5/09*Close 3/6/09**
Dow Jones DJIA8438.398289.81-148.58-1.792%8952.896626.95

Akeena Solar AKNS1.291.25-.04-3.2002.28.61
Amtel Systems ASYS4.724.77+.05+1.0594.002.73
Applied Materials AMAT10.9111.13+.22+2.01610.678.70
Canadian Solar CSIQ12.4112.02-.39-3.2447.003.0601
ECD (UniSolar) ENER14.7815.06+.28+1.89429.3317.45
Entech Solar ENSL.OB.1850.1651+.0199-
Evergreen Solar ESLR2.352.39+.04+1.7023.601.03
First Solar FSLR160.72154.20-6.52-4.228157.80108.49
GT Solar Int. SOLR5.735.41-.32-5.9144.004.02
JA Solar JASO4.854.37-.48-10.985.091.91
Kyocera KYO77.2573.61-3.64-4.94571.8754.21
LDK Solar LDK11.3010.87-.43-3.95614.844.40
MEMC Elect. WFR17.9417.55-.39-2.22215.7613.68
Renesola SOL5.865.53-.33-5.9675.152.1201
Satcon SATC2.161.80-.36-20.001.601.23
SolarFun SOLF6.666.24-.42-6.7306.122.30
SunPower SPWRA26.8126.23-.58-2.21145.1323.39
SunTech STP18.0118.45+.44+2.44313.555.34
Trina Solar TSL23.5326.35+.58+2.52710.097.23
Yingli YGE13.1713.61-.44-3.3407.253.888
20SSI Weekly Cumulative:Previous 420.64Current 411.005



Avg Stock


1/05/09* 415.413/06/09** 266.01
* The starting date of the 20 Solar Stock Index (20SSI).
** NOTE: Concensus "new" bull market began on Monday, March 9, 2009.


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