June 22-26: DJIA Down, NASDAQ Up, Solar Slips Again

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

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

June 15-19: Dow, NASDAQ Down; Solar Off 6.5%

Overall bad week finishes strong however

The DJIA dropped 260 points or 3% for the week; the NASDAQ was off 31 points or 1.7%. The solar index dropped 28 points, a 6.5% thumping. However, Friday's trading finished rather strong; the Dow was down just 15 points, the NASDAQ up 20 and 15 of the 20 Solar Stocks Index ended up higher than yesterday.

Still the week was a bear. The Wall Street Journal placed much of the decline on financial stock on concern of White House plans to overhaul financial regulation. Energy stocks took a hit supposedly because oil fell $1.82 to $69.55 a barrel, still leashing alternative energy to the
rise and fall of black gold. When it comes to producing electricity, oil is rarely used because of its cost. Oil obviously plays the major role in transportation energy but not for electricity. So solar (or wind) should be unaffected by the price of crude. Such uninformed, knee-jerk reactions by solar/wind investors (individual and institutional) unnecessarily hurt alternative energy stocks by tying their worth to the fluctuations of Big Oil. It does not compute.

Still, the week was the worst since the new bull market begain March 9, some 15 weeks ago. We hope it was just an aberration.

Week of June 15-19, 2009

	Monday Open	Friday Close	Up/Down	% Change	Close 1/5/09*	Close 3/6/09**
Dow Jones DJIA	8799.26	8539.73	-259.53	-3.039%	8952.89	6626.95
NASDAQ	1858.80	1827.47	-31.33	-1.714	1628.03	1293.85
Akeena Solar AKNS	1.58	1.39	-.19	-13.67	2.28	.61
Amtel Systems ASYS	5.71	5.46	-.25	-2.276	4.00	2.73
Applied Materials AMAT	11.23	10.98	-.25	-2.276	10.67	8.70
Canadian Solar CSIQ	14.62	13.05	-1.57	-12.03	7.00	3.0601
ECD (UniSolar) ENER	17.82	15.81	-2.01	-14.89	29.33	17.45
Entech Solar ENSL.OB	.2021	.1950	+.0071	-3.641	.28	.23
Evergreen Solar ESLR	2.62	2.31	-.31	-13.42	3.60	1.03
First Solar FSLR	183.80	173.46	-10.34	-5.961	157.80	108.49
GT Solar Int. SOLR	6.89	5.80	-1.09	-18.79	4.00	4.02
JA Solar JASO	5.67	4.98	-.69	-13.85	5.09	1.91
Kyocera KYO	76.94	75.20	-1.74	-2.313	71.87	54.21
LDK Solar LDK	12.50	11.01	-1.49	-13.53	14.84	4.40
MEMC Elect. WFR	20.16	19.14	-1.02	-5.329	15.76	13.68
Renesola SOL	6.59	6.09	-.50	-8.210	5.15	2.1201
Satcon SATC	1.76	1.80	+.04	+2.272	1.60	1.23
SolarFun SOLF	7.72	6.65	-1.07	-16.09	6.12	2.30
SunPower SPWRA	31.90	28.49	-3.41	-11.97	45.13	23.39
SunTech STP	18.17	18.04	-.13	-.7206	13.55	5.34
Trina Solar TSL	24.86	22.95	-1.91	-8.322	10.09	7.23
Yingli YGE	13.76	13.39	-.37	-2.763	7.25	3.888
20SSI Weekly Cumulative:	Previous 464.50	Current 436.20	Change -28.3/-6.48%	Avg Stock -8.642%	1/05/09* 415.41	3/06/09** 266.01

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