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Friday, December 28, 2007

Joseph Hargett asks: Is Solar Power Stock Bubble Looming for 2008?

article by Joseph Hargertt of Schaffers Research

We are about 2 full trading days away from the end of 2007, and technology stocks are looking for a strong finish, despite today's malaise sweeping the Street. The tech-laden Nasdaq Composite (COMP) is set to easily outpace its Wall Street brethren on the year, resting at a gain of nearly 12% at last check, compared to the Dow's gain of 7.6% and the S&P 500 Index's (SPX) rise of 4.6%. Still, the Technology Select Sector SPDR Fund ( XLK: View sentiment for XLKsentiment, chart, options) has bested even the mighty COMP on a year-to-date basis, adding a hefty 16.5% since January 2007.

Looking at a long-term trend for the XLK, some key levels to watch for 2008 emerge. First, support at the 26 level should remain rather important for the trust, as it is not only home to former support/resistance, bit it also houses the exchange-traded fund's (ETF) 10-month moving average - which the XLK has not closed a month below since July 2006. As long as the trust utilizes these regions for support and buoyancy, it should continue to advance well into 2008.

The second point of interest is the hard level of potential overhead resistance for the XLK at the round-number 30 level. When the trust last encountered this region in April 2001, the XLK was soundly rejected; however, economic and global issues were different at the time (think dot-com bubble). Still, this region could pose quite a problem for the trust, and it could take more than just the meandering higher that the XLK has done recently to top this level. On the other hand, a solid breach of the 30 region could definitely be a bullish indicator for the XLK in 2008.

Full article continued at: Joseph Hargett Tech Corner: Is a Solar Energy Bubble Looming for 2008?

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