The "Chart of the Day" is JC Penney (JCP), which showed up on Wednesday's Barchart "12-Month High" list. JC Penney on Wednesday rallied by 2.05% and posted a new 2-2/3 year high of $39.73. TrendSpotter has been long JC Penney since Feb 7 at $33.21. In recent news on the stock, JC Penney reported on May 2 that it completed a $1.25 billion credit facility. On April 6, there were reports that the company was trading higher on takeover chatter. JC Penney, with a market cap of $8.8 billion, is one of America's leading retailers, operating department stores throughout the United States and Puerto Rico, as well as one of the largest apparel and home furnishing sites on the Internet, jcp.com, and the nation's largest general merchandise catalog business.
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 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