Deutsche isn't the only securities firm adding to the bullishness even after a healthy solar sector rally. While Suntech, Deutsche's new buy, has been a sector dog, last week Macquarie Securities intiated on ReneSola at a buy, even given its strong run all year long.
Also, solar investors have been burned before heading into a new year and a new round of subsidy cuts from European nations that provide much of the support for the solar sector healthy supply demand balance. Solar stocks reached a collective high in January 2009 before selling off.
Last Wednesday, solar stocks reached their highest point since that January peak in solar. With the market turning very bearish on Tuesday, it's hard to make the case that the selloff in solar on Tuesday was part of a longer-term pattern in solar profit-taking or to draw a straight line back to last January.-- Written by Eric Rosenbaum from New York.
Twitter and become a fan on Facebook.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV