ETF Preview: Solar Stocks Likely to See Downside Pressure on First Solar Downgrade

Commodities -

United States Oil Fund (USO) is down 1.5%. United States Natural Gas (UNG) is down 0.2%.

Renewed hopes for Greece being able to tackle its debt woes is weakening investors’ appetite for gold in early morning trade Tuesday. A firmer dollar is also weighing on the metal’s price. Meanwhile, there is growing concern that Chinese demand for gold may not be as strong as once thought. Gold is 0.5% lower at $1,117.90, while silver is 1.34% weaker at $1,704.00, and copper is down around 1% at $337.75. SPDR Gold Shares (GLD) is down 0.5% and Market Vectors Gold Miners fund (GDX) is down 1%, both among the most active ETFs this morning. iShares Silver Trust (SLV) is up 0.7%.

ETF Power Play -

The Claymore MAC Global Solar Energy Index (TAN) and Market Vectors Solar Energy (KWT) could see increased selling pressure closer to today’s bell.

First Solar (FSLR) is down 3.9% after JPMorgan reportedly cut its rating on the stock to Underweight from Neutral.

Labels: Crude Oil, downgrade, First Solar Inc, FSLR, Solar Stocks

posted by Ertai at 9:26 AM