The Chart of the Day is Magnetek (NASDAQ:MAG). I found the stock by sorting today's New High List for frequency of new highs in the last month then used the Flipchart feature to review the charts. Since the Trend Spotter signaled another buy on 7/14 the stock gained 4.90%.

MAG manufactures digital power and motion control systems used in material handling, people moving, wireless communications and energy delivery. The Company is headquartered in Menomonee Falls, WI in the greater Milwaukee area and operates manufacturing plants in Pittsburgh, PA and Mississauga, Ontario, Canada as well as Menomonee Falls.

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The status of Barchart's Opinion trading systems are listed below. 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.

Barchart technical indicators:

• Barchart technical buy signal 100%
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 16 new highs and up 10.56% in the last month
• Relative Strength Index 24.21%
• Barchart computes a technical support level at 24.21
• Recently traded at 25.45 with a 50 day moving average of 23.00

Fundamental factors:

• Market Cap $82.97 million
• P/E 18.79
• Earnings expected to increase 28.80% this year and another 31.70% next year
• The analyst following the stock has a hold rating in place.

Very fast moving so strictly watch the 50 and 100 day moving averages.