Bullish Developments for Solar ETF
The Claymore/MAC Global Solar Energy (NYSE: TAN) is in the news this morning and appears to be the beneficiary of some exciting news and expectations heading into 2010, perhaps a reflection of a global push towards "going or getting Green" in sympathy with the climate debate. Last Friday's, Deutsche Bank upgraded First Solar (FSLR), and this morning rumor has it that another big Wall Street research department is upgrading the solar sector and, in particular, components Suntech Power (STP) and JA Solar (JASO). Over the weekend Yingli Green Energy (YGE) announced it had signed an agreement with a German rooftop specialist company to supply it with a substantial number of PV modules for all of 2010. Lots of positive underlying fundamentals in the solar sector, which should support the developing bullish chart pattern that has formed during the second half of 2009. From a technical perspective, key resistance hovers at 10.15, which needs to be hurdled to trigger upside acceleration towards my next optimal target zone of 11.00/30.