Dear Chart of the Day Fan:
Here’s my chart for today. I’ll talk about it shortly after 3:30 p.m. Eastern (12:30 p.m. Pacific) on the Bloomberg Businessweek radio show. Also, I’ll present my Stock of the Day just after 4:05 p.m. (1:05 p.m.) on the radio and later on social media. You can hear me on Bloomberg Radio or see me at Bloomberg Global News on YouTube. Earlier charts are on my Tumblr page.
Thanks for your interest. It’s appreciated.
Stocks Editor, Bloomberg Radio
Owning U.S. oil and gas producers and betting against solar companies looks like “the ultimate contrarian trade” to Jonathan Krinsky, Bay Crest Partners LLC’s chief market technician. Krinsky suggested the stock trade in a report Thursday, based on a comparison between the S&P 500 Energy Index and the MAC Global Solar Energy Index. The ratio between the industry gauges closed Wednesday at the lowest level since October 2008, according to data compiled by Bloomberg. Wednesday’s reading was 90% below a peak reached two years ago, and Krinsky wrote that he sees the potential for a “sharp snapback.”