The “Chart of the Day” is TRW Automotive Holding Corp (TRW), which showed up on Monday’s “Barchart NYSE 12-month high” list. TRW on Monday rallied by 3.36% and posted a new 3-1/3 year high. A rally above the record high of $42.30 posted in May 2007 would be a particularly bullish technical signal. Trendspotter(tm) has been long TRW since Sep 1 at $37.05. In recent news on the stock, TRW sold 8 million shares at $35.50 in a secondary offering on Sep 10. Deutsche Bank downgraded the stock to Hold from Buy on Aug 10 along with two other auto suppliers (BWA-BorgWarner and ALV-Autoliv) on valuation concerns. TRW on Aug 4 reported Q2 diluted EPS of $1.78, which was far above the market consensus of $1.02. TRW, with a market cap of $4.5 billion, is a major global automotive component supplier.
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 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: 100% Buy
- Medium-Term Indicators: 100% Buy
- Long-Term Indicators: 100% Buy
- Overall Average 100% Buy
Chart of the Day provided by www.Barchart.com.
