Some say correction long overdue
The Dow Jones Industrial Averages suffered its worst week since last February dropping 437 points for the week to end at 10172.98, a drop of 4.3%. The NASDAQ took a little less of a hit losing nearly 83 points to finish at 2205.29, a 3.75% slip. The 20 Solar Stocks Index (20SSI) was hit by a train and lost 64 points to end at 369.76, a horrific 17% loss. Since Jan 8 the 20SSI has dropped over 112 points, off 30%.
Paul Vigna at the Dow Jones Newswire says the correction was long overdue, that the market had made no such adjustment for eleven months. He cites uncertainty with health care reform, the Massachusetts election, the possibility of Ben Bernanke not being reappointed, Freddie and Fannie Mae problems all leading to a questionable time for trading.
Besides that malaise, the German government announced this week that it's cutting solar subsidies by 15%. This is in addition to the annual decline for solar subsidies as Germany attempts to wean solar companies off government support. In a story by Graham Winfrey in the Business Insider's Green Sheet it is reported that Germany, the world leader in photovoltaic installations, accounted for 50% of global PV demand last year.
20 Solar Stocks Index Week of Jan 18-22, 2010
| Monday Open | Friday Close | Up/Down | % Change | Close 1/5/09* | Close 3/6/09** | |
| Dow Jones DJIA | 10609.65 | 10172.98 | -436.67 | -4.292% | 8952.89 | 6626.95 |
| NASDAQ | 2287.99 | 2205.29 | -82.70 | -3.750 | 1628.03 | 1293.85 |
| Akeena Solar AKNS | 1.28 | 1.24 | -.04 | -3.225 | 2.28 | .61 |
| Amtel Systems ASYS | 10.89 | 10.97 | +.08 | +.7346 | 4.00 | 2.73 |
| Applied Materials AMAT | 13.73 | 12.63 | -1.10 | -8.709 | 10.67 | 8.70 |
| Canadian Solar CSIQ | 25.93 | 21.66 | -4.27 | -19.71 | 7.00 | 3.0601 |
| ECD (UniSolar) ENER | 11.27 | 10.12 | -1.156 | -11.35 | 29.33 | 17.45 |
| Entech Solar ENSL.OB | .13 | .1310 | +.0010 | +.7692 | .28 | .23 |
| Evergreen Solar ESLR | 1.58 | 1.44 | -.14 | -9.722 | 3.60 | 1.03 |
| First Solar FSLR | 124.07 | 112.39 | -11.68 | -10.39 | 157.80 | 108.49 |
| GT Solar Int. SOLR | 5.73 | 6.10 | +.37 | +6.457 | 4.00 | 4.02 |
| JA Solar JASO | 5.60 | 4.57 | -1.03 | -22.53 | 5.09 | 1.91 |
| Kyocera KYO | 92.38 | 87.06 | -5.32 | -6.110 | 71.87 | 54.21 |
| LDK Solar LDK | 7.20 | 6.52 | -.68 | -10.42 | 14.84 | 4.40 |
| MEMC Elect. WFR | 14.25 | 13.19 | -1.06 | -8.036 | 15.76 | 13.68 |
| Renesola SOL | 5.10 | 4.61 | -.49 | -10.62 | 5.15 | 2.1201 |
| Satcon SATC | 2.62 | 2.36 | -.26 | -11.02 | 1.60 | 1.23 |
| SolarFun SOLF | 8.48 | 7.084 | -1.396 | -19.70 | 6.12 | 2.30 |
| SunPower SPWRA | 23.62 | 21.09 | -2.53 | -11.99 | 45.13 | 23.39 |
| SunTech STP | 15.57 | 13.02 | -2.55 | -19.58 | 13.55 | 5.34 |
| Trina Solar TSL | 49.43 | 20.94 | -28.49 | -36.05 | 10.09 | 7.23 |
| Yingli YGE | 15.21 | 12.63 | -2.58 | -20.42 | 7.25 | 3.888 |
| 20SSI Weekly Cumulative: | Previous 434.07 | Current 369.76. | Change -64.31/-17.39% | Avg Stock -9.92% | 1/05/09* 415.41 | 3/06/09** 266.01 |
** The Concensus "new" bull market began on Monday, March 9, 2009.
NOTE: All above stocks have market capitalization of $100M+ except Akeena Solar, Amtel Systems
and Entech Solar. This listing is strictly informational and implies neither endorsement or disapproval
of any stock listed. Comments and suggestions are always welcome.
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