Solar Stocks Surge, Other Alt Energy Plays On Watch
Solar stocks are surging today. The leaders are Chinese firms that have been trading at all time lows. The Shanghai Index finally woke up this week, surging 5%. That triggered the party as shorts ran for cover. China solar player Trina Solar Limited (ADR) (NYSE:TSL) is trading at $8.87, +1.57 (+21.51%) while Hanwha Solarone Co Ltd (NASDAQ:HSOL) is trading at $1.60, +0.35 (+28.05%). In addition, American solar maker First Solar, Inc. (NASDAQ:FSLR) is trading at $42.89, +4.12 (+10.62%). This is a classic short covering rally.
The key is to keep an eye on other beaten down alternate energy plays. It does not matter if they are Chinese or other but rather at their lows just like the solar stocks in the previous few weeks. These could see major upside.