Barchart Stock Chart of the Day – February 17, 2009
With the stock market down so much, currently it’s difficult to find many promising stocks making new 52-week highs. Those that do make that list inevitably tend to be inverse ETFs or stocks announcing earnings this morning. In fact, currently only 12.3% of all stocks are even trading above their 200-day moving average, up only marginally from the 11.72% that were above their 200-day last month.
So, perhaps it’s time to lower our expectations and look at stocks trading above their 100-day moving average. We do this by going to Barchart’s High/Lows page and clicking on Overall 100-day Highs , which gives us a list of ‘early warning’ stocks making new 100-day highs.
Which is where we first spotted Yamana Gold (AUY) , the gold producer that is located in the Americas. With cash gold moving decisively above the psychologically important $950 per ounce level today, gold stocks are shining.
Barchart Opinions for AUY are:
Short Term Indicators Average: 80% Buy
Medium Term Indicators Average: 100% Buy
Long Term Indicators Average: 100% Buy
Overall Average: 96% Buy
Barchart Trend Spotter Signal : Long since January 20, 2009.
Sector Performance: AUY is a member of the Mining - Miscellaneous sector , where it is the 4th best performing stock out of 24 stocks in the sector. While the sector as a whole has a weighted Alpha of –59.65%, AUY itself has a weighted Alpha of -39.50% indicating that it is stronger than the sector as a whole. To learn more about weighted Alpha, visit the Barchart Learning Center .
How we spotted this chart: We noticed AUY while looking at Barchart’s Overall 100-day Highs page, where we were looking for good performing gold stocks, since we knew that spot Comex gold had moved above $950 per ounce and we were expecting further upside movement since that barrier was crossed.
Recent Developments:
Yamana Gold (AUY) will report earnings on March 4th expected at 4 cents per share, versus 6 cents in the same quarter last year.
