Is the new Bull Market over?
The Dow was down a second straight week finishing off 101 points at 8438.39, 1.2% down from last week. However, with just two trading days left in the second quarter, the index is up nearly 830 points, 11% above Q1. The NASDAQ was barely up this week by 10.75 or +.06%. But the tech stock index is up 20% from Q1 (if prices hold through Tuesday) which would be the highest quarterly gain is six years. The 20 Solar Stocks Index dropped nearly 16 points or -3.7% from last week. Still, the 20SSI is up 61 points or 17% from its March 27 close.
On Monday the World Bank projected an extended recession worldwide which drove down many stock prices until today. Solar was no exception as only six of the 20 stocks in this index finished the week ahead. Satcon Technology was the biggest gainer at 20% up, possibly from bringing their new Prism inverter to market. This one-megawatt, medium voltage inverter is fully customizable and is intended to increase the ease and speed of a typical utility scale PV installation.
Does the new Bull Market that began March 9 appear to be over? Maybe judging quarter to quarter is a better barometer. Q3 starts Wednesday. Many solar jobs are hinging on the federal 30% solar grant (taken in instead of the 30% tax credit) but the grant application has not been completed as yet. Since there already exists a tax credit form that must be completed to take the credit, one would think a slight variation of this form could constitute a grant app...
Week of June 22-26, 2009
| Monday Open | Friday Close | Up/Down | % Change | Close 1/5/09* | Close 3/6/09** | |
| Dow Jones DJIA | 8539.73 | 8438.39 | -101.34 | -1.201% | 8952.89 | 6626.95 |
| NASDAQ | 1827.47 | 1838.22 | +10.75 | +.5882 | 1628.03 | 1293.85 |
| Akeena Solar AKNS | 1.39 | 1.29 | -.10 | -7.752 | 2.28 | .61 |
| Amtel Systems ASYS | 5.46 | 4.72 | -.74 | -15.67 | 4.00 | 2.73 |
| Applied Materials AMAT | 10.98 | 10.91 | -.07 | -.6416 | 10.67 | 8.70 |
| Canadian Solar CSIQ | 13.05 | 12.41 | -.64 | -5.157 | 7.00 | 3.0601 |
| ECD (UniSolar) ENER | 15.81 | 14.78 | -1.03 | -6.969 | 29.33 | 17.45 |
| Entech Solar ENSL.OB | .1950 | .1850 | +.01 | -5.405 | .28 | .23 |
| Evergreen Solar ESLR | 2.31 | 2.35 | +.04 | +1.732 | 3.60 | 1.03 |
| First Solar FSLR | 173.46 | 160.72 | -12.74 | -7.927 | 157.80 | 108.49 |
| GT Solar Int. SOLR | 5.80 | 5.73 | -.07 | -1.221 | 4.00 | 4.02 |
| JA Solar JASO | 4.98 | 4.85 | -.13 | -2.680 | 5.09 | 1.91 |
| Kyocera KYO | 75.20 | 77.25 | +2.05 | -2.726 | 71.87 | 54.21 |
| LDK Solar LDK | 11.01 | 11.30 | +.29 | +2.634 | 14.84 | 4.40 |
| MEMC Elect. WFR | 19.14 | 17.94 | -1.20 | -6.689 | 15.76 | 13.68 |
| Renesola SOL | 6.09 | 5.86 | -.23 | -3.925 | 5.15 | 2.1201 |
| Satcon SATC | 1.80 | 2.16 | +.36 | +20.00 | 1.60 | 1.23 |
| SolarFun SOLF | 6.65 | 6.66 | +.01 | +.1504 | 6.12 | 2.30 |
| SunPower SPWRA | 28.49 | 26.81 | -1.68 | -6.266 | 45.13 | 23.39 |
| SunTech STP | 18.04 | 18.01 | -.03 | -.1665 | 13.55 | 5.34 |
| Trina Solar TSL | 22.95 | 23.53 | +.58 | +2.527 | 10.09 | 7.23 |
| Yingli YGE | 13.39 | 13.17 | -.22 | -1.670 | 7.25 | 3.888 |
| 20SSI Weekly Cumulative: | Previous 436.20 | Current 420.64 | Change -15.56/-3.7% | Avg Stock -2.118% | 1/05/09* 415.41 | 3/06/09** 266.01 |
** NOTE: Concensus "new" bull market began on Monday, March 9, 2009.
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