Strength and Solar Stocks 012808

I saw plenty of sell and short signals today. The market was strong though. That’s a big positive considering the thrashing foreign indexes took overnight. Will we follow through to the downside on these sell signals? I would bet no, but with so many important figures coming out this week, we’ll get plenty of catalysts to push the market around. Let’s see. We had home sales today, durable goods comes tomorrow, a GDP report on the 4th quarter, a fed decision on rates, a jobs report, and earnings start winding up.

Three stocks that were weak today included SPWR, CSIQ, and JASO. These past high flyers in the solar sector, triggered sell signals and did close near the lows. My gut is telling me the signal won’t take solar stocks much lower. I’m actually looking for strength here, but will wait for confirmation of a buy signal intraday.