It’s no secret that if you’ve been watching the green tech industry and green tech stocks that there has been a bull market charging ahead since March 2009 when the Dow hit a low of in the 6,500’s. And in this bull market, renewable energy companies across the board were going up in price.
But, last week, the stock market decided that this “irrational exuberance” of green tech stocks needed a pullback. I watched my fantasy watch list of green tech stocks go from a health gain the week before to a healthy loss (thank goodness this wasn’t real money I was playing with).
My green tech watch list of stocks covers companies in solar, wind turbines, geothermal, alternative fuels and energy conservation. The stocks were pretty well down on all fronts. Forbes and a few other finance websites have reported a gloomy outlook for solar stocks, because of a glut of solar in the marketplace and a still shaky economy.
One Chinese company Suntech Power gave its earnings report, which stated that profits fell 80-percent from the year before during the 2nd quarter. This week, the green tech market seems to be coming back a bit. With the Obama administration pumping money into the green tech industry expect it to still continue in an upward trend. But, also expect it to be a very bumpy ride.