This history suggests that as volatility continues to be the norm in the markets, the downside risk remains greater than the upside potential.

A sustained rally will not happen in solar as long as pessimism continues to weigh on market sentiment, especially since this concern remains centered on Europe. However, if the fundamentals of the industry improve while short-term concerns pressure the stocks, TAN may develop into a value play later this year.

-- Written by Don Dion in Williamstown, Mass.
At the time of publication, Dion Money Management was not long on any of the funds mentioned.

Don Dion is president and founder of Dion Money Management, a fee-based investment advisory firm to affluent individuals, families and nonprofit organizations, where he is responsible for setting investment policy, creating custom portfolios and overseeing the performance of client accounts. Founded in 1996 and based in Williamstown, Mass., Dion Money Management manages assets for clients in 49 states and 11 countries. Dion is a licensed attorney in Massachusetts and Maine and has more than 25 years' experience working in the financial markets, having founded and run two publicly traded companies before establishing Dion Money Management.

Dion also is publisher of the Fidelity Independent Adviser family of newsletters, which provides to a broad range of investors his commentary on the financial markets, with a specific emphasis on mutual funds and exchange-traded funds. With more than 100,000 subscribers in the U.S. and 29 other countries, Fidelity Independent Adviser publishes six monthly newsletters and three weekly newsletters. Its flagship publication, Fidelity Independent Adviser, has been published monthly for 11 years and reaches 40,000 subscribers.

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