Alt-Energy Stocks to Buy Now

Today we continue our survey of the energy sector. As a quick summary, our initial examination at the sector level indicated to us that the weakest subsector within the energy space was the production and exploration companies (as proxied by the Oil Services HOLDRS (OIH)) followed by the integrated oils (as tracked by the Energy Select Sector SPDR (XLE)). Both are currently under pressure, and although longer-term prospects remain bright, there is a lot of backing and filling that remains to be done.

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We discovered that the alternative-energy space, from a sector view, appeared more inviting. Within that sector, the energy-efficiency subsector was quite promising in the near term, and yesterday we highlighted several names in that space. Many of those stocks require investors to scale into them, as the stocks have already experienced tremendous gains off the March lows.

Today we turn our attention to the rest of the alternative-energy sector. Again, the goal is to pick the best of the best from a technical perspective. We necessarily have focused on charts that promise either immediate or near-future purchase possibilities.

Starting with the more conservative picks first and then proceeding to the more risky, we begin with Avista Corporation (AVA), a company that generates, transmits and distributes energy. The company's energy sources are primarily hydroelectric and thermal, and it's more or less what you would think of as a utility company. Avista pays a 4% dividend and has a high level of institutional participation.