Thursday, January 10, 2008

The Sun is Setting on Solars


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Look at how the 20d EMA is flattening out on over half of the solar stocks. No, there's no bubble popping, but you can almost hear the air being let out of the balloon, sort of like how a glass of pop tastes after sitting out in the open for a couple of days.
The only decent looking stock out of that whole group is Akeena Solar Inc. (NASDAQ:AKNS). It has found some decent support at just under $10, so any long position could use a stop just below today's intraday lows.
However, Akeena Solar would be more suitable as a daytrading candidate, because:
1.) It would be unrealistic to expect any break above today's intraday highs to last for more than a day, if even that.
2.) Any up move in Akeena would be very prone to failure if the rest of the solar sector continues to roll over.

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