One would think that if crude oil were about to spike to $150/bbl or higher, that the "clean energy" portfolio, otherwise known as solar stocks, would be a bit more buoyant, right?

However, let's notice that just the opposite situation has developed: the PowerShares Clean Energy Portfolio (AMEX: PBW) looks vulnerable to a nose-dive towards the 20.00 support area (another 10% on the downside from current levels)!

Based on my composite technical work, let's see if the PBW can hold a test of the rising 50 DMA, now at 21.39. If not, then the price structure will be heading considerably lower thereafter.

Incidentally, the major components of the PBW are TSL, ORA, FSLR, JASO, YGE, STP, SPWR, ENER and ESLR.

While on the subject of oil, if we forget about any extraneous events that may be underlying the $3 upside reversal in oil prices today, then purely based on the developing pattern in the UltraShort Oil & Gas ETF (AMEX: DUG), I have to view the action off of last Wednesday's high at 29.59 as a high-level, bullish coil that when complete should resolve itself to the upside in a thrust into a new, potent recovery upleg.

At this juncture, only a decline that breaks both prior pullback lows at 29.24 and 28.15 will badly compromise the still compelling bullish chart set-up