The “Chart of the Day” is American Express Company (AXP), which showed up on Monday’s Barchart “NYSE 12-month high” list. AXP rallied sharply on Monday to a 3-1/2 year high of $50.61 and closed up +1.17%. AXP rallied on Monday after recent data showed late payment and default rates for American Express card holders continued to fall in April, further improving the best-in-the-business payment status of the company’s customers. AXP said defaults, or charge-offs, came in 3.5 percent of balances on an annualized basis for April, down from 3.7 percent in March as AXP kept its position as the issuer with the lowest default rate. Late payments, or delinquencies, dropped to 1.7 percent of balances in April, from 1.8 percent the prior month. AXP had the industry low late-payment rate, at 1.7 percent. Amex’s charge-off rate topped out at 10.4 percent in April 2009, a full year before the industrywide rate peaked at 10.9 percent, according to Federal Reserve data. Trendspotter ™ has been long AXp for the past 5 weeks. American Express Company, with a market cap of $59.564 billion, is primarily engaged in the business of providing travel related services, financial advisory services and international banking services throughout the world. American Express Travel Related Services Company, Inc. provides a variety of products and services, including, global network services, the American Express Card, the Optima Card and other consumer and corporate lending products, stored value products, and several others.
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: 60% Buy
- Medium-Term Indicators: 50% Buy
- Long-Term Indicators: 100% Buy
- Overall Average 72% Buy
Chart of the Day provided by www.Barchart.com.
Barchart.com provides Financial Quotes, Charts and Technical Analysis for Stock and Commodity Traders.
