Markets started out of the gate from the Martin Luther King Day holiday as they have much of the past year: by rallying.
The bulls were out in force this morning, driving major indexes well into all-time record territory early in the day. Those gains have retracted some as the day wears on, but stock indexes remain solidly up on the day.
Investors are continuing to bet on strong economic indicators and growth potential, even as valuations become increasingly stretched. No category of stock fits this search for growth potential more than blockchain, which makes yet another appearance as our Top Performer today.
Today’s blockchain play does provide a novel focus for the technology: the solar energy sector.
Operating globally, SPI Energy provides business, residential, and government customers with Photovoltaic (PV) Cells and associated technologies used in the generation of solar electricity. Today, they announced the creation of a new blockchain application business unit, to be based in Palo Alto, California. The unit will immediately begin exploring a variety of potential e-commerce applications for blockchain. Relatively few details of SPI’s plans have been announced at this time--only the blockchain foundation.
SPI already operates e-commerce platforms for selling its solar products in Australia and China.
The stock is currently sitting up a solid 60%, gains that actually represent a consolidation from as high as 200% earlier in the session. Investors continue to pile money into equities that show interest in blockchain technology. Keep in mind, whether you’re a believer in the technology or a skeptic, red hot trends like blockchain are perfect for finding consistent short term profits from news-based trading. Their sheer momentum creates profit opportunities that can be exploited through a variety of trading strategies.
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