Energy
Alternative Energy Not Following Oil (FSLR, SPWR, STP, CSIQ, ESLR, CPST, FCEL, USU)
Published:
Oil is performing as though there were no sellers today. Recalling a single $20.00 move up in the price of oil in a single day is elusive, but a gain of $18.66 per barrel at $123.21 for October futures is being attributed to a drop in the dollar followed by one major short squeeze. We have already discussed this today with the supply interruption in the Caspian region. But if this was believed to be a sustained issue rather than a single day’s trading issue then you would see a follow-through in alternative energy stocks today. You aren’t. Solar, turbines, fuel cells are lagging. Here are today’s late day prices in some of the major stocks in the alternative energy sector which we follow:
Oil’s drop has taken out all of the hype from most of the stocks in the alternative energy universe. What is funny is that many of these were deemed viable and to be in high demand even when oil was in the $50.00 range per barrel. But that is what makes a market. Either oil’s massive move up is a silly move, or these alternative energy leaders should be poised to make a massive run higher.
Jon C. Ogg
September 22, 2008
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