Thursday, November 8, 2007

Morning action

At 3:00 am, the S&P futures were down 12, and the NASDAQ futures were down 26. They turned around when news came out that BHP Billiton approached Rio (RTP 357.50) about a bid. Or was it? That was the "official" explanation. Conspiracy folks will say the buying was by the PPT. (Plunge Protection Team-The working group on markets.) "They" looked like the buyers. The rumors and whispers have gotten so extreme, and the price dislocations so sharp in the financial stocks, that stability in that area is necessary, and a significant trading bottom should be at hand.

Compare that with the action in the solar stocks. First Solar (FSLR 167) will be up over 50!! points on huge earnings. The 175 calls were only $6 dollars yesterday. They'll be at 50 today. Solar names Trina Solar (TSL 62.43), Sun Power (SPWR 145), SunTech (STP 64.80) will get action, and even Evergreen Solar (ESLR 13.65) looks good on the charts.

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