The "Chart of the Day" is Sprint Nextel (S), which showed up on Friday's "NYSE 12-month High" list. Sprint on Friday rallied by 2.63% and posted a new 2-year high of $5.57. TrendSpotter has been Long on Sprint since April 14 at $4.96. In recent news on the stock, Piper Jaffray last Friday upgraded Sprint to Overweight from Neutral and raised its target to $6.50 from $5 due to improving operational trends. On May 17, Appleinsider reported that Apple has posted a job ad for a carrier engineer to be based at Sprint headquarters, which raised the possibility that Sprint may soon be able to sell the iPhone for use on its network. Sprint Nextel, with a market cap of $16 billion, is one of the largest U.S. wireless phone companies.
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. We then clicked on the "12-Month # Highs" column heading twice in order to sort the list in ascending order. Stocks with the fewest number of 12-month highs over the past 12 months are stocks that have only recently broken out to a new 12-month high and may have better upside potential then stocks that have already rallied sharply and have posted many new 12-month highs.
Barchart's Opinion trading systems are mostly 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: 80% Buy
- Medium-Term Indicators: 100% Buy
- Long-Term Indicators: 100% Buy
- Overall Average 96% Buy
Barchart links for further information:
Quotes and Charts
Trader's Cheat Sheet™
Chart of the Day Archive
View Past Chart of the Day Reports