The “Chart of the Day” is Satcon Technology (SATC), which showed up on Wednesday’s list of stocks that had a new “Buy” signal from the Barchart “Trendspotter(tm)” trading system. SATC rallied sharply by 8.26% on Wednesday and posted a new 1-1/2 month high. After Wednesday’s 8.26% rally the stock may need to consolidate before moving higher, but a rally above the 6-1/2 year high of $3.93 posted in early-August would be a particularly bullish technical signal. Wednesday’s rally was sparked by news that SATC expanded its partnership with GCL Solar Systems and that Piper Jaffray reiterated its Overweight rating and boosted its target price to $6 from $5. JMP Securities initiated research on SATC on Sep 23 with an Outperform and a target of $5. ThinkEquity initiated research coverage on SATC on sep 1 with a Buy and a target of $3.50. Satcon, with a market cap of $250 million, derives virtually all of its revenue from selling DC-AC power inverters to the solar industry and has the largest market share in North America.
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 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: 100% Buy
- Long-Term Indicators: 100% Buy
- Overall Average 88% Buy
Chart of the Day provided by www.Barchart.com.
