May 15, 2026
A three-sigma PPI shock out of Tokyo — not Trump/Xi tensions — drove today’s global rates repricing. With peer central banks pricing two-to-three additional hikes into year-end and the Fed strip still at one, the…
May 15, 2026
LME Metal Prices Mostly Lower vs. Previous Close: Today, Copper -1.56% to $6.30/lb; aluminum -1.08% to $1.63/lb; nickel -1.23% to $9.63/lb; zinc -0.37% to $1.65/lb; lead +0.19% to $1.11/lb; gold -1.38% to $4,588/oz; silver -4.01%…
May 13, 2026
Please see bottom of report for important disclosures Gordon L. Johnson/GLJ Research LLC ————————————————– Polysilicon Futures Spot Contract Price (CNY$37,190/ton = $5.25/kg) – down 4.8% w/w Note: Adjusted for CNY exchange rate and 13% VAT….
May 12, 2026
EXECUTIVE SUMMARY In roughly two decades on the sell-side, we have learned that the most reliable bearish setups are the ones that hide in plain sight in the plumbing of the financial system rather than…
May 6, 2026
Please see bottom of report for important disclosures Gordon L. Johnson/GLJ Research LLC ————————————————– Polysilicon Futures Spot Contract Price (CNY$39,080/ton = $5.50/kg) – up 1.3% w/w Note: Adjusted for CNY exchange rate and 13% VAT….
April 29, 2026
Polysilicon Futures Spot Contract Price (CNY$38,585/ton = $5.42/kg) – down 14.8% w/w Note: Adjusted for CNY exchange rate and 13% VAT. Source: Guangzhou Futures exchange. Solar Pricing Metrics – 4/29/2026 Note: EnergyTrend discontinued slurry saw…
April 28, 2026
Vol Crush Mechanics Played Out on a Clean Beat — 24 Hours Before the Mag-7 Catalyst Window Opens Spotify (SPOT; NC) reported Q1 results pre-market today and beat consensus on EPS ($3.45 vs. $2.99 est.)…
April 26, 2026
1-Week 100% moneyness implied vol has surged to 12-month extremes in AMZN, META, MSFT, and GOOG ahead of Wednesday night earnings; AAPL follows Thursday. History is unambiguous — vol of this magnitude collapses post-catalyst, and…
April 23, 2026
Bottom Line China’s National Energy Administration (“NEA”) this morning released Q1 2026 solar PV installation data confirming what we have warned about for the past two quarters: the post-“531” pricing-reform air pocket is here, and…
April 20, 2026
We initiate coverage on FIX (BUY), LGN (BUY), and ECG (HOLD) at a time of pivotal change as data center proliferation promps longtime installation and construction companies to retool towards becoming contract manufacturers. Customer concentration…
April 16, 2026
Investment Conclusion The US is Not “Energy Independent”. The widely-promoted narrative that the United States is energy-independent and capable of replacing Persian Gulf crude flows is analytically incorrect and, in our view, is creating dangerous…
April 15, 2026
Updated Section 232 tariffs are guidance pulls for companies in other sectors, driving inbounds around price action in our space. We reached out to data center OEMs and EPCs across and outside our universe today;…
April 15, 2026
LME Metal Prices Surge Higher vs. Previous Close: Yesterday, Copper +2.16% to $6.02/lb; aluminum +1.19% to $1.65/lb; nickel +3.03% to $9.25/lb; zinc +0.72% to $1.57/lb; lead +0.09% to $1.10/lb; gold +2.14% to $4,842/oz; silver +5.22% to…
April 6, 2026
INVESTMENT SUMMARY GLJ Research reiterates its Four-Phase Iran Macro Playbook framework. As of April 6, 2026, Phase 1 is closed and Phase 2 is fully confirmed. The April 10 CPI print — the Six-Week Trigger…
April 2, 2026
Bottom Line A channel check this morning between PV Magazine‘s head editor and GLJ Research, LLC surfaces two converging threats to incumbent residential solar installers: (1) rising interest rates are killing the high-pressure sales model, and (2) DIY “backyard solar” formats…