Solar and Alternative Energy Utilities showing strength
The sky is falling! Short, short short! I think many short signals could manifest if the current situation continues to exasperate, but now it is too obvious. Everyone sees the massacre and everyone knows coronavirus is the cause and everyone thinks gold is a good buy, right? Unfortunately nothing is for certain in the markets. Some people see it as a dip, not a massacre; the coronavirus might be contained within a month and the markets continue their rally after reaching resistance turned support; gold posted an outside bar after an impressive 5 day gain.
The signals of weakness were flashing for weeks; now is the time to look for strength. Solar and alternative energy utility companies have been some of the best companies to weather the storm so far. PEGI is one of the greatest examples, forming a cup and handle going into the end of the month while blue chips have the bottoms falling out. Is this a buy signal? No. Obviously the market is getting hammered. If this is the beginning of a bear market though, and especially if you missed the call to go short, your next move should be to prepare yourself for the next recovery and bull market. I think solar and alternative energy utilities are a good place to watch for the next future leaders.
The signals of weakness were flashing for weeks; now is the time to look for strength. Solar and alternative energy utility companies have been some of the best companies to weather the storm so far. PEGI is one of the greatest examples, forming a cup and handle going into the end of the month while blue chips have the bottoms falling out. Is this a buy signal? No. Obviously the market is getting hammered. If this is the beginning of a bear market though, and especially if you missed the call to go short, your next move should be to prepare yourself for the next recovery and bull market. I think solar and alternative energy utilities are a good place to watch for the next future leaders.
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