NASDAQ had yesterday the most daily new lows since March 20. The cumulative advance/decline line recently made a lower high. This just confirming that the break down of the indices is shaping further up.
Also metals and mining were slammed yesterday with a loss of more than 5%. The Natural Gas ETD reached a 52-week low.
Oil prices are down 9% in one week.
And several regional banks hit new lows while the sector lost 25% form the peak in May.
Also metals and mining were slammed yesterday with a loss of more than 5%. The Natural Gas ETD reached a 52-week low.
Oil prices are down 9% in one week.
And several regional banks hit new lows while the sector lost 25% form the peak in May.
Oil lost yesterday another -2.59 USD/barrel at 64.14 USD. Which trade is unwinding here? Now Solar stocks are trading lower again. They seem no differently than a leveraged bet on oil prices. The biggies in solar land First Solar, Suntech Power Holdings and SunPower Corporation, all traded lower. Even the Claymore/Mac Global Solar energy ETF (ticker: TAN) was hit.
Now, if this correlation is working to the downside, what about the upside?
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Now, if this correlation is working to the downside, what about the upside?
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