ON Semiconductor ($ONNN) popped up on a reversal alert screen on Tuesday evening. I only publish reversal alert lists on the weekends but now and then I do find some pretty interesting picks during the week. So let's start with the chart and we can take a look at the reversal in progress. There is a clear breakout that has taken place over the 50-DMA and the blue trend line. The stock is now right at a resistance level at $7.25. A move above that level would take it to the resistance level embodied by the 200-DMA. These two resistance levels will be a real test of how strong this breakout actually is. What also makes this stock interesting is the attractive valuation. Here are a few measures that make the point: The PE of 13 is modest (for a semiconductor company/growth stock) PEG is only 0.5 which is quite low Price to Sales is also modest at 1.48 Enterprise Multiple of 6.39 is definitely in the value stock range These numbers imply the stock is not over-priced. This n...