The “Chart of the Day” is Advance Auto Parts (AAP), which showed up on Thursday’s Barchart “NYSE 12-month high” list. AAP gapped higher Thursday and matched its all-time high of $55.78, which it first posted on July 27th, before finishing the day up +5%. Barchart’s Trendspotter(tm) has been long AAP for the past 4-weeks. AAP gapped higher on Thursday after the company late Wednesday reported better-than-expected Q2 earnings and raised its full-year earnings estimate for 2010. AAP then announced it was replacing its $500 million share repurchasing program from Feb 2010 that had $44.65 million remaining with a new $300 million share repurchase plan. Advance Auto Parts, with a market cap of $4.6 billion, is a specialty retailer of automotive parts, accessories and maintenance items for `do-it-yourself` 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: 80% Buy
- Medium-Term Indicators: 100% Buy
- Long-Term Indicators: 100% Buy
- Overall Average 96% Buy
Barchart links for further information:
Quotes and Charts, Technical Analysis, Barchart Opinions, and Chart of the Day Archives
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