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Solars on fire before earnings in Feb.

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economy_6 February 17, 2011 (Chinavestor) Momentum stocks continued to roll on Wednesday but investors have to exercise caution going forward, suggests the overbought monitor. Suntech Power (NYSE:STP) and JA Solar Holdings (NASDAQ:JASO) continue to top the overbought stocks list but Giant Interactive (NYSE:GA) is just as vulnerable. The rest of the solar space is looking good with Trina Solar (NYSE:TSL), ReneSola Ltd. (NYSE:SOL) and Yingli Green Energy (NYSE:YGE) on the overbought China stock list. Noah Education Holdings (NYSE:NED) is showing unusual momentum as well. The good news is that Vanceinfo Technologies (NYSE:VIT) has probably hit bottom, according to the oversold chart.

Suntech Power (NYSE:STP) and JA Solar Holdings (NASDAQ:JASO) have stepped way above their normal trading range and have approached theoretical highs, according to the overbought monitor below. While these stocks look vulnerable, Trina Solar (NYSE:TSL) or Yingli Green Energy (NYSE:YGE) have more upside left with less downside risk. The sector has been on fire lately before earnings announcements. Ying li Green Energy (NYSE:YGE) is going to report on Friday with the rest of the sector coming up shortly after that.

Giant Interactive (NYSE:GA), the only NYSE listed Chinese online game developer and operator, is taking advantage of a roatation within the sector. But the stock has advanced too fast, too much, suggesting taking profits may the best thing to do today.

Small cap, low volume Noah Education Holdings (NYSE:NED) is in the danger zone after a 2.5% advance on Wednesday.

OB_2011217

The bottom is near for Vanceinfo Technologies (NYSE:VIT), according to the oversold chart below. The stock has reached theoretical lows limiting its downside risk.

OS_2011217

Overbought A technical condition that occurs when prices are considered too high and susceptible to a decline. Overbought conditions can be classified by analyzing the chart pattern or with indicators such as the one above. A sharp advance from $15 to $30 in 2 weeks might lead a technician to believe that a security is overbought. Or, a security is sometimes considered overbought when the stock is trading out of its trading envelope and is approaching the theoretical high. It is important to keep in mind that overbought is not necessarily the same as being bearish. It merely infers that the stock has risen too far too fast and might be due for a pullback..

Oversold A technical condition that occurs when prices are considered too low and ripe for a rally. Oversold conditions can be classified by analyzing the chart pattern or with indicators such as the one above. A sharp decline from $30 to $15 in 2 weeks might lead a technician to believe that a security is oversold. Or, a security is sometimes considered oversold when the stock is trading below its trading envelope and is approaching theoretical lows. It is important to keep in mind that oversold is not necessarily the same as being bullish. It merely infers that the security has fallen too far too fast and may be due for a reaction rally.



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