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June 28, 2011
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As the markets catch their second up day in a row, solar stocks are pressing higher. This move in solar is most likely related to the bounce in oil. Always remember, when oil gets more expensive, more consumers will turn to alternate energy. Therefore, alternate energy stocks usually trade with the price of oil. In addition to the rise in oil, the markets are optimistic that the Greek austerity measures will be passed tomorrow. Should these pass, then the EU may be saved some major defaults and heartache in the short term. That is good for Europe thus good for solar energy. Europe is a major consumer of solar power.
Today, the winners are clearly broad based in the solar industry. First Solar, Inc. (NASDAQ:FSLR) is leading, as it trades at $121.93, +5.25 (+4.50%). In addition, SunPower Corporation (NASDAQ:SPWRA) and Trina Solar Limited (ADR) (NYSE:TSL) are both up nicely.
Gareth Soloway
InTheMoneyStocks.com