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Solar energy stocks have been one of the strongest groups in 2020, but they’re lagging this month.
One potential warning sign is the bearish engulfing candle on the Invesco Solar Energy ETF (TAN) on November 30. TAN has bled steadily lower since. The fact it occurred at precisely the end of last month could create the risk of a broader investor rotation away from the sector.
There’s also risk of over-enthusiasm for solars now that Democratic leadership is priced in.
Solars have benefited from the ESG trade in 2020: environmental, social and governance. This trend has been accompanied by record inflows to dedicated ESG funds. Electric cars have been the other big beneficiaries.
This might raise questions about Tesla (TSLA), which is down today after offering $5 billion of stock. It gets added to the S&P 500 on December 21, but traders may want to be wary of profit taking in this uber-bullish ESG trade.
The ARK Innovation ETF has chopped in a range for the last two years, and some traders may expect a push back to longer-term lows. The first pattern on today’s chart is the rounded top in February and March. It was slightly below the peak of ... For more,...
Energy stocks have led the market this year, and now they've pulled back. The S&P Select Energy SPDR fund (XLE) jumped to $98.97 last Friday -- the highest level in almost a decade. It pulled back this week and touched $93.73 before bouncing. That was just $0.04...
Regional banks had a big surge in late 2023. Now, after a period of consolidation, some traders may expect further gains. The first pattern on today’s chart of the SPDR S&P Regional Banking ETF is the falling trendline along the highs of January and early March....