• Chart of the Day: Apollo Group Inc. (APOL)

    by  • October 11, 2013 2:52 pm • Charts to Watch, Quick Hits, Tony Venosa's Chart of the Day • 0 Comments

    Today’s chart is of Apollo Group Inc. (APOL) which provides online and on-campus educational programs and services at the undergraduate, masters, and doctoral levels.

    Ticker:  Apollo Group Inc. (APOL)

    What I Am Looking At:

    • APOL shares are down 2 percent year-to-date
    • 0 percent year-to-date level  has been a source of resistance all year, could act as a “make or break” level in the coming weeks
    • Coiling just above round-number $20 level in a bull flag pattern
    • Relative Strength Index showing oversold condition
    • Open interest put/call ratio ranking in the 84th percentile, showing skepticism among option players
    • Short interest has risen 52 percent since January 1st as shares are at the upper end of the year-to-date range, could see short-covering
    • 21 percent of the float sold short
    • Nearly 15 days to cover (based on average daily volume)
    • Reports earnings on October 22 after the market closes

    Conclusion:  Looking for a pop above the 0 percent year-to-date level ($20.92) with the potential to close the downside gap from October 2012

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    Tony Venosa, CMT is a Senior Options Strategist and works on the trading desk at Schaeffer’s Investment Research. He joined Schaeffer’s in 2010. He has worked in the finance industry for over 15 years. He began his career as a trading assistant in Chicago on the floor of the Chicago Mercantile Exchange. He later moved upstairs and worked as a commodities broker on both the retail and hedging side. He left the brokerage industry to begin his trading career as a proprietary equities trader at a Chicago firm. In 2000, Tony moved backed to his hometown and continued trading his personal account. He later went on to earn his Chartered Market Technician designation. He earned a B.S. in Finance from Miami University. Tony’s main focus is short-term directional option trading.


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