The “Chart of the Day” is Supervalu (SVU), which showed up on Thursday’s Barchart “NYSE 12-month low” list and may be a candidate for a short position. Supervalu on Thursday closed down -4.54% and posted a new 1-1/2 year low. Trendspotter(tm) was short Supervalu from April 26 at $15.26 until Aug 10 at $11.90, taking a profit of $3.36 per share or 22%. Trendspotter then resumed a short position last Thursday at $11.08. In recent news on the stock, BMO Capital on July 28 reiterated its Market Perform rating on the stock but slashed its target to $13 from $20 due to the company’s report of a 7.2% decline in sales. Supervalu, with a market cap of $2.3 billion, is one of the nation’s largest supermarket retailer and largest food distributor, with retail stores including Cub Foods, Shop `n Save, Shoppers Food Warehouse, Metro and Biggs.
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 lows. Then we sorted the list by Percent to find the largest percentage losers. A new 12-month low is a sign of downside momentum.
Barchart’s Opinion trading systems are all a Sell and Barchart’s daily Trendspotter(tm) trading system is a “Sell.” 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: Sell
- Short-Term Indicators: 100% Sell
- Medium-Term Indicators: 100% Sell
- Long-Term Indicators: 100% Sell
- Overall Average 100% Sell
Barchart links for further information:
Quotes and Charts, Technical Analysis, Barchart Opinions, and Chart of the Day Archives
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