DislikedAnother place to look for victims of the oil glut is in the solar stocks. FSLR, SPWR, SCTY etc etc. Most have fallen hard with oil since late summer. They might bounce before the oil producers do, though.Ignored
Oil Weakness Spreads to Solars...
Solar stocks were weak Friday as WTI futures slide below $70 per barrel in the wake of OPEC's surprise decision to maintain production.
Notable decliners include:
- Canadian Solar (NASDAQ: CSIQ)
- First Solar (NASDAQ: FSLR)
- Trina Solar (NYSE: TSL)
- SunEdison (NYSE: SUNE)
- SolarCity (NASDAQ: SCTY)
To be honest, never crossed my mind that oil and solar stocks have such strong correlation. CSIQ 8% down.
Daily chart of TAN (Solar ETF) compared with Crude futures
Correlation? Hm...
Hope is dangerous in this game.