Our old friend, American Superconductor (NASDAQ:AMSC) broke out of a double top formation (a break over $36) and immediately shot up $2 to mid-September highs around $38. Setting up for either a rejection or another double top breakout ...
Ironically, I just read about the name in a New York Times article yesterday dealing with some plans for the US grid (Tres Amigas Aims to Spread Renewable Energy to the Coasts)... if technologically feasible this is one idea I've been behind for years. In fact, China is already doing the exact same thing.
- For 40 years, the North American electric system has operated as three loosely linked grids, but a new transmission company is aiming to unite them. That union, if consummated, could have strong implications for renewable energy.
- The company, Tres Amigas, proposes a huge power hub near Clovis, N.M., covering more than 20 square miles. It would be remote from populated areas but near the fulcrum of the continent’s wind and solar resources. Tres Amigas plans to make regulatory filings on Tuesday in pursuit of its goal.
- The project could, backers say, transform a region that is a sparse frontier for transmission lines into a robust intersection that would allow immense transfers of power across the country. The direction of flow would depend on where the wind was blowing, the sun was shining and the temperatures were creating extra electrical demand.
Tres Amigas filing out today...
It is bemusing to watch many of the same stocks that were breaking out on (a) hopes for Obama election fall 2008 and then (b) hopes for Obama's infrastructure stimulus in spring 2009 - are doing it again. Same thesis, same stocks, same trades. Rinse. Wash. Repeat.
AMSC is a leading energy technologies company offering an array of solutions based on two proprietary technologies: programmable power electronic converters and high temperature superconductor [HTS] wires. The company's products, services and system-level solutions enable cleaner, more efficient and more reliable generation, delivery and use of electric power. AMSC is a leader in alternative energy, offering grid interconnection solutions as well as licensed wind energy designs and electrical systems.