First Solar designs, develops, manufactures, and markets a line of thin-film semiconductor PV cells and modules that convert sunlight into electricity. The company's products, based on cadmium telluride technology, are used to provide environmentally friendly electric power. The company also sells PV solar systems and provides operations and maintenance services. Founded in 1999, the company has about 5,500 employees.

On Monday, August 5, the S&P 500 (SPX) fell right to its lower channel off the lows in October 2022 and March 2023. Yes, that is the trendline we didn't trust because it was busted twice in October 2023. We also got close (at 5,119) to a 78.6% retracement of the rally from April until July (at 5,107). The SPX cycled into oversold territory at 30 on the 14-day relative strength index (RSI), but could become more oversold. The rising 200-day is at 5,012, while the April low is at 4,967. One of our favorite charts is the weekly SPX with the 200-week average and the weekly Bollinger Bands. While we still have some distance, the slightly rising lower band is down near 5,000 as of this writing. A touch/undercut and then a recapture of the lower band generally has indicated an excellent time to buy the index/market. A good confirmation would be a move back over the middle band. But note the failures in 2022's bear market: two times the SPX failed at/near the middle band, while a third move surpassed the middle band but ended up failing The VIX exploded to 66% at the open on August 5, its highest level since the pandemic. The three-day rate-of-change (ROC) was 136%, the highest since early 2018. Since 1990, this is the third-highest three-day ROC. We had a three-day decline of 9% in 2018 and a two-day decline of 6% in 2015. The VIX moves sharply when stocks move lower quickly lower. The three-day SPX decline was 7.3% at the lows on August 5 and ended the day at 6.1%. Both the drops in 2018 and 2015 were followed by a quick rally and then a retest of the lows or a double bottom. Both double bottoms were followed by major rallies that failed.

First Solar designs and manufactures solar photovoltaic panels, modules, and systems for use in utility-scale development projects. The company's solar modules use cadmium telluride to convert sunlight into electricity. This is commonly called thin-film technology. First Solar is the world’s largest thin-film solar module manufacturer. It has production lines in Vietnam, Malaysia, the United States, and India.

The second quarter of 2024 was rewarding for equity investors, as the S&P 500 increased another 4% and has gained almost 15% year to date. Growth was the segment leader in 2Q, as the S&P 500 Growth Index advanced approximately 8% in the period while the S&P 500 Value Index declined slightly. Leading sectors included Information Technology and Communication Services, while sectors in the red for the past three months included Real Estate, Materials, Industrials, Financial, and Energy. The average stock in the Argus Universe of Coverage declined 2.4% during the quarter, while the median stock dropped 3.0%. The average BUY-rated stock declined 0.7%, while the average HOLD-rated stock gained 6.7%. Will the rally broaden in 2H24, or will investors keep focusing on Tech and Communications groups? Will small-caps pick up their pace (the Russell 2000 was up 1.8% in 1H24), or is the current bull market rally due for a break, with some profit-taking coming into play? Given declining interest rates, we expect growth stocks to continue to carry the bull market, while the risk of recession puts a premium on clean balance sheets, which are also more prevalent among large-caps. Investors seeking value are encouraged to focus on dividends and look for yields in the 3-4% range. Here are the top 10 performers from the Argus Universe last quarter, including, somewhat surprisingly, representatives of five of the 11 major sectors, as well as the five worst performers.