• Chart of the Day: Nike Inc. (NKE)

    by  • April 8, 2013 1:13 pm • Charts to Watch, Quick Hits, Tony Venosa's Chart of the Day • 0 Comments

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    Today’s chart is of Nike Inc. (NKE) which engages in the design, development, marketing, and sale of footwear, apparel, equipment, and accessories for men, women, and children worldwide.

    Ticker:  Nike Inc. (NKE)

    Strategy:  Long Trade

    What I Am Looking At:

    • Outperformance on a year-to-date basis, +16 percent
    • Long-term monthly uptrend
    • Near end of March shares gapped significantly higher on a positive earnings report and has since held the upside gap
    • Short-term bullish pennant formation showing contraction in volatility
    • Possible break to all-time closing highs and above the round number $60 level
    • 11 out of 17 analysts rate the shares a “hold”, possibility for upgrades as shares remain just below all-time highs
    • Peak put open interest for the April series lies below at the 57.5-, 55-, and 52.5-strikes, which could create a tailwind for shares on an unwind situation
    • On a side note, 2 of the biggest spokespersons for NKE  (Tiger Woods and Rory Mcilroy) are the favorites to win this week’s Masters in Augusta
    • Next unconfirmed earnings date is set for end of June



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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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