Today was a classic bottom forming tape action.....sellers are exhausted and buyers are afraid to MISS the bottom...so a tug of war of sellers & buyers in equilibrium.....with a touch of green @ close.....
Decliners held a comfortable lead over advancing stocks.....
Almost 500 new 52 week lows on both NYSE & NASDAQ...sign of oversold conditions....
Some techs Like AAPL,RIMM,LRCX,QCOM & home builder TOL were strong.....
Even Financials came along for the ride UP...which is the strongest SIGN that we MAY have finally hit the LOWS in indices......These are the lowest point today :
DOW 11183.43
NASDAQ 2259.79
S&P 500 1260.68
In my portfolio :
Added 10% more SOL...cost went down to $21.66
Portfolio is MRVL & SOL......
So what IS going on in Solar stocks.......My guess IS that there IS a very organized hedge fund manipulation going on to accumulate lot of shares @ LOW LOW LOW prices......
Why do I say that......????
Today GS downgraded TSL to "conviction SELL"..but it went as low as $27.65 on 2.1 million shares only ..but it closed @ $29.28 only 4.4% down...it was the-best performing Chinese Solar today?????Was GS looking to accumulate TSL shares with a SELL rating?????
Today also Motley Fools came up with a Negative Solar piece @ 2.20PM highlighting the same points which GS used in their thesis for a sell on TSL....Cash flow & financing issues...SOL has neither because they just completed $187 million secondary @ $20.50......????
By analyzing LDK,CSIQ,SOL,JASO,SOLF,STP...they are all hitting long term support area TODAY????.....
SOL volume was slightly higher than normal.......
I personally like to believe that Solar stocks have hit BOTTOM support area.......which SHOULD be evident by wed close?????
BLOG does NOT give buy or sell.
PS.....Today was Canada DAY which is on July 1st....so Toronto markets were closed !!!
Saleem
11 comments:
Hi,
salim,
SOL close does not looks good.I bought to day but might take loss tomorrow if it goes below 15.50.Somethig is wrong that we do not know but we will know when it will hit 13. GS can not manipulate the market.I believe they can not short the shares and then downgrade?????Is that legal ???
Without news it will be tough tomorrow. Thanxs
Hi Ds,
If you look @ SOL chart...similar pattern when it went from $16 area to $29 in straight line......
Can SOL do it again.....only time will tell.
But you do what you have to do !!!
Saleem
Hi Saleem -
Any idea what's going on with SOL in pre-market? Down over 1 point but I don't see any news. Saw a rumor of a downgrade on the yahoo board but can't find a link anywhere...
Thx.
AD
Hi Ad,
Oppenheimer was rumoured to have initiated as market perform...which IS a buy equivalent....they said they are waiting for margins to improve to give it a higher rating.
I also cannot find Oppenheimer call anywher including BRIEFING.com
Looks like some are selling on weakness in UK & in pre-market.
I am not happy about todays selling.
Saleem
Hi Saleem -
Yes - Oppenheimer did start SOL at "perform" on Monday morning but no news since then.
Thx and good luck,
AD
Hi,
Oppenheimer assumed ReneSola (NYSE: SOL) with a Perform rating and said it is waiting for margins to re-accelerate before becoming more constructive on shares.
IT is so hard to know whtat hte institutions are planning
I do believe that Saleem has vast experience in these things.
Go SOL, I have faith that is a down bear market nothing is sacred.
My Oils and flying
GMXR, RRC get some PQ was up huge in after market last night.
Nat gas and the giant oil construciton companies and exempt from the bear market.
SLB, OII, HAL is on fire here it is a buy.
Good luck to all....
Hi Madmax,
Missed your comment yesterday.
SOL is trying to recover its loss in pre-market.
Good luck with your Oil/Gas play !!
Saleem
Hi Saleem,
Charles Schwab has noted a bubble forming in oil,gold,commodities and has issued a caution. Some of your readers might take heed.
GS is not a China fan from what I can tell.
Best Regards
Hello all
My job at NOAA is a real time consumner---But a least It keeps me busy and I like the work.
Looks my my Oil buys are again balsting up
There seems to be no end i sight
RRC and PQ, GMXR are in fuego!!!!
Buy some SLB and HAL they are IMHO going higher
SOL may have a bottm in I hope--if not I will sell my shares before the market closes today--Saleem your thoughts please hold sell ?
Cheers to all
Hi All -
Looks like a lot of solar stocks are taking a hit today...
Anyone tracking DSX and have any idea wrt what's been going on the last few days?
Thx and good luck,
AD
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