The “Chart of the Day” is BP PLC (BP), which showed up on Tuesday’s list of stocks that had a new “Buy” signal from the Barchart “Trendspotter(tm)” trading system. BP on Tuesday rallied by 1.50% and posted a new 1-1/2 month high. BP on Tuesday successfully sold $3.5 billion in bonds, its first debt sale since the oil spill. Investors bought the 5-year and 10-year bonds at a yield about 200 bp above Treasuries, providing equity investors with confidence that BP has regained its borrowing power and its ability to stay liquid. BP’s credit default swap pricing suggests an implicit market credit rating of Baa3, the lowest ranked investment grade rating. The successful debt sale suggests bond holders believe BP will be able to work through its liability for the oil spill.
How we found the Chart of the Day:
We found the “Chart of the Day” by scanning the Barchart “Trading Signals” page. That page provides a summary of changes in the Barchart signals. We then clicked on the TrendSpotter(tm) “Buy” category to obtain a list of all the stocks for which the Barchart Trendspotter(tm) trading system has just turned to a buy. We then clicked on the “Today’s Opinion” column header in order to sort the list with the strongest stocks on top. Further information is available at Barchart Signals Guide help page and at TrendSpotter(tm) help page.
Barchart’s Opinion trading systems are all 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: 75% Buy
- Long-Term Indicators: 67% Buy
- Overall Average 80% Buy
Chart of the Day provided by www.Barchart.com.
