Contrary to popular opinion, an Obama victory was anything but good news for Solar ETFs.
Smart Money‘s Rob Wherry reports that, despite the fact that the solar industry had been speculated to be a potential beneficiary of a Democratic administration, the Obama Bounce failed to materialize.
Part of the sell-off could be attributed to a drop in oil prices. The United States Oil ETF (USO) was off by nearly 7%.
The overall market, as represented by the SPDR S&P 500 (SPY) was down 5% in post election trading.