As I slept soundly through the night (and early morning), solar stocks soared through the atmosphere. China's government will subsidize solar energy development at an unprecedented level and pace. Great news, huh? Too bad I was asleep while STP (up 43% today) and the entire sector went nuts.
Would I have jumped in? I dunno. One of the stocks I looked back at jumped huge at the open. Of course, it's being daytraded and will sink in a few days. But there's no question solar stocks have seen their bottom. Yingli (YGE), a former favorite of mine, also took the leap today. But if I had to choose, I'd stick with STP and the top Western solar play, First Solar (FSLR).
Apple jumped to 109 today, leading a tech revolt. The Dow was up big, too. Just about everything was up except financials, which sucks since I'm overweight in Citigroup. It's tempting to unload my C shares here (closed down at 2.82), but the stock has consistently bounced between 2.60 and 3.15 the past few days. I've already sold at 2.56 once (Friday) only to regret that decision by Monday (opened well above 3).
AAPL will do its usual pullback after big gains. It was at 83 just a couple of weeks ago, but the market turnaround and a bunch of cool news about iPhone and iPod developments did the trick. I might take those profits and watch the solars carefully. Then again, if Cramer is right, mutual funds are stampeding back into techs. AAPL's run might be long from over. AAPL back at 200? Wouldn't shock me. Question is, which would double first: Apple or Sunpower Tech? Citigroup or Goldman Sachs?
Aside from China's solar subsidies, the stimulus package there is bullish for all stocks. Baidu could double, even though the government has shackled the country's internet.
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