The “Chart of the Day” is Cree Inc (CREE), which showed up on Friday’s list of stocks that had a new “Buy” signal from the Barchart “TrendSpotter” trading system. TrendSpotter on last Thursday’s close of $55.86 exited its short position with a profit of $2.92 per share versus the short entry point on August 13 at $58.78. After the required one-day minimum in a neutral mode, Trendspotter issued a buy signal last Friday at $56.56. Cree has been in a bull correction mode since April following the big rally seen starting in January 2009. Cree, with a market cap of $6 billion, is the leading pure-play stock in the emerging light-emitting diode (LED) market.
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 “Buy” category to obtain a list of all the stocks for which the Barchart TrendSpotter 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 help page.
Barchart’s Opinion trading systems are mixed and Barchart’s daily TrendSpotter 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: 25% Buy
- Long-Term Indicators: 100% Buy
- Overall Average 67% Sell
Chart of the Day provided by www.Barchart.com.
