Browse Symbol Stacks: XLE: Turning Bullish on Solar
Turning Bullish on Solar
While I continue to be long miners and generally bullish going forward concerning gold and silver, I am noticing some promising developments in some solar stocks. It is a sector I have avoided for a long time but I think the charts speak for themselves - the evidence of long term trend reversals is fairly convincing and worth taking note of.
There are others but I plan to buy PWER FSLR AMSC (yes AMSC isn't a solar stock...) so they are the ones I chose to highlight. I'll be rolling profits from my mining positions into these names over the next few weeks assuming price action continues to be constructive per my comments I included on the charts.
As far as energy goes, the long trade in this sector is almost over as you can see below.
Once this reading reaches 80, it will be time to sell longs in the energy sector - those that took my suggestion to go long energy in early June as discussed here are sitting on very good profits and there is still a bit more rally to come.
Needless to say it is only a matter of time before significant gains are seen in the gold mining sector - a reading of 7 here is an absolute gift to load long. What makes this even better is that over the last few months, I've already made very good money playing miners on the long side as readers are no doubt aware. The move higher has not really even begun yet as you can see from this indicator, and gains seen over the last two months will be minuscule compared to the profits that will be had once this finally starts moving towards a reading of 90. I could not be more bullish about the next few months regarding gold, silver, and the miners.
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