A Possible Alternative-Energy Trade
Energy Conversion Devices (ENER) makes solar panels and rechargeable batteries. It is one alternative-energy stock that hasn't rolled over from uptrend to downtrend, but it's in a pullback that's rather extreme even for such a volatile stock. It closed today 17% below its peak of $56 last Wednesday. It seems likely the pessimism is overdone on this stock, and it could get a good bounce if the sector gets any good news. If it pulls back another day or two I could get more intrigued. And for full disclosure, I'll note that today's drop made a major break below a very nice trendline started in March, a development chart readers generally consider to be bearish.
posted by Houyhnhnm | 8:25 PM
2 Comments:
nice blog. i find the ENER sale going on very interesting. I too will be looking to take a position when it looks like things are at its worse. probably options.
Have you reviewed GIGM. I own it and plan to hold for long term. I normally just trade in and out by timing stocks that I have come to know. Then I found the GIGM story so compelling 1 qtr ago and bought at 6. I have never had such a solid growth stock that is well behaved for the longs, if you know what I mean. Would be interested in your thoughts, was I lucky or do you see my double or better possibilities?
GigaMedia is doing better than my high-tech entertainment stocks, so I'm going to add it to my watch list. Will respond more fully later.
Thanks for the comment and the tip.
Houyhnhnm
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