The “Chart of the Day” is Cytec Industries (CYT), which showed up on Monday’s Barchart “NYSE 12-month high” list. CYT gapped higher Monday and posted a 2-year high of $53.36 and finished the day up +5.7%. Barchart’s Trendspotter(tm) has been long CYT since Jul 21st at a price of $46.52. CYT gapped higher on Monday after Aug China industrial production was reported higher than expected and after the EU raised its economic growth forecast for the Euro-Zone this year to 1.7% from a previously projected 0.9%, which indicates stronger industrial consumption. CYT said last Thursday that it will raise the price for its Aero Melamine product, which is used in the production of plastics, by 5 cents per pound to $110.231 per metric ton. Cytec Industries, with a market cap of $2.4 billion, is a global specialty chemicals and materials company with a diverse range of end markets including aerospace, adhesives, automotive and industrial coatings, chemical intermediates and plastics. Cytec uses its technology and application development expertise to create chemical and material solutions that are formulated to perform specific and important functions in the finished products of our customers.
How we found the Chart of the Day:
We found the “Chart of the Day” by scanning the Barchart “New Highs/Lows” page. Then we clicked on the entry for NYSE 12-month highs. A new 12-month high is a popular sign of upside momentum. Then we applied a “Custom View” heading with the Barchart Opinion ranking as one of the columns. we then sorted the list by the Barchart Opinion ranking in order to find the stocks with the highest Opinion.
Barchart’s Opinion trading systems are mostly a Buy and Barchart’s daily Trendspotter(tm) trading system is a “Buy.” Please note that the Barchart Opinion indicators are updated live during the session every 10 minutes and can therefore change during the day as the market fluctuates. The indicator numbers shown below therefore may not match what you see live on the Barchart.com web site when you read this report.
- Trendspotter: Buy
- Short-Term Indicators: 100% Buy
- Medium-Term Indicators: 100% Buy
- Long-Term Indicators: 100% Buy
- Overall Average 100% Buy
Chart of the Day provided by www.Barchart.com.
