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 Open | Friday Close | Up/Down | % Change | Close 1/5/09* | Close 3/6/09** | |
| Dow Jones DJIA | 8438.39 | 8289.81 | -148.58 | -1.792% | 8952.89 | 6626.95 |
| NASDAQ | 1838.22 | 1796.52 | -41.7 | -2.321 | 1628.03 | 1293.85 |
| Akeena Solar AKNS | 1.29 | 1.25 | -.04 | -3.200 | 2.28 | .61 |
| Amtel Systems ASYS | 4.72 | 4.77 | +.05 | +1.059 | 4.00 | 2.73 |
| Applied Materials AMAT | 10.91 | 11.13 | +.22 | +2.016 | 10.67 | 8.70 |
| Canadian Solar CSIQ | 12.41 | 12.02 | -.39 | -3.244 | 7.00 | 3.0601 |
| ECD (UniSolar) ENER | 14.78 | 15.06 | +.28 | +1.894 | 29.33 | 17.45 |
| Entech Solar ENSL.OB | .1850 | .1651 | +.0199 | -12.05 | .28 | .23 |
| Evergreen Solar ESLR | 2.35 | 2.39 | +.04 | +1.702 | 3.60 | 1.03 |
| First Solar FSLR | 160.72 | 154.20 | -6.52 | -4.228 | 157.80 | 108.49 |
| GT Solar Int. SOLR | 5.73 | 5.41 | -.32 | -5.914 | 4.00 | 4.02 |
| JA Solar JASO | 4.85 | 4.37 | -.48 | -10.98 | 5.09 | 1.91 |
| Kyocera KYO | 77.25 | 73.61 | -3.64 | -4.945 | 71.87 | 54.21 |
| LDK Solar LDK | 11.30 | 10.87 | -.43 | -3.956 | 14.84 | 4.40 |
| MEMC Elect. WFR | 17.94 | 17.55 | -.39 | -2.222 | 15.76 | 13.68 |
| Renesola SOL | 5.86 | 5.53 | -.33 | -5.967 | 5.15 | 2.1201 |
| Satcon SATC | 2.16 | 1.80 | -.36 | -20.00 | 1.60 | 1.23 |
| SolarFun SOLF | 6.66 | 6.24 | -.42 | -6.730 | 6.12 | 2.30 |
| SunPower SPWRA | 26.81 | 26.23 | -.58 | -2.211 | 45.13 | 23.39 |
| SunTech STP | 18.01 | 18.45 | +.44 | +2.443 | 13.55 | 5.34 |
| Trina Solar TSL | 23.53 | 26.35 | +.58 | +2.527 | 10.09 | 7.23 |
| Yingli YGE | 13.17 | 13.61 | -.44 | -3.340 | 7.25 | 3.888 |
| 20SSI Weekly Cumulative: | Previous 420.64 | Current 411.005 | Change -9.64/-2.34% | Avg Stock -3.06% | 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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