• Chart of the Day: Tiffany & Co. (TIF)

    by  • April 11, 2013 12:44 pm • Charts to Watch, Quick Hits, Tony Venosa's Chart of the Day • 0 Comments

    Today’s chart is of Tiffany & Co. (TIF) which engages in the design, manufacture, and retail of jewelry worldwide. The company operates through Americas, Asia-Pacific, Japan, Europe, and Other segments.

    Ticker:  Tiffany & Co. (TIF)

    Strategy:  Long Trade

    What I Am Looking At:

    • Huge outperformance on a year-to-date basis, +29 percent
    • Long-term monthly uptrend after breaking out from a 2 year triangle consolidation pattern
    • The 2009 low to the 2011 all-time high up move pulled back to the 50 percent Fibonacci retracement level
    • Shares recently cleared the significant $70 level and appears to being pulled back to the all-time high and the round number $80 level
    • Peak call open interest for the April series resides at the $75-strike, could be a potential roadblock for shares
    • Short interest continues to be high as nearly 9 percent of the float is sold short
    • Nearly 6 days for short positions to be covered
    • Put buying has dominated call buying during the past 50 trading days, which has ranked in the 75th percentile of all readings taken during the past year, could be a continued tailwind for shares
    • Unconfirmed earnings release on May 28th

    Strategy:  Buy on pullbacks, intermediate-term target of $80-84

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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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