Here’s A Couple Of High-Probability Fades
Sometimes when a stock comes
out with a company-specific report, the entire group might lift in a bid of
investor euphoria. Quite often though,
this type of news-driven event provides high-probability opportunities to fade
the initial move, at least on an intraday basis.
10:04:44
Intraday Setup Alert
Apollo Group (APOL)
looks ‘playable’ from either direction out of its 5-minute chart
consolidation–up 2.45 at 93.78, in sympathy with a bullish report out from
Career Education (CECO).
10:44:07
Intraday Setup Alert
Apollo Group (APOL)
looks ready to ‘drop to the carpet’–or at least a retest of prior daily chart
highs–currently up 2 points at 93.33. The issue has broken below earlier
outlined zone supports, and is now consolidating at the 20-period ema on the
5-minute chart. Continuation shorts below these supports are set thru 93.19.
Apollo provided three different short entries
intraday, until it tested its prior trading range highs, that had been broken on
the first 5-minute bar in today’s trade. Now, this might not be something found
in Apollo’s own curriculum, but it’s a decent lesson to learn in this guy’s
humble opinion.
Chris Tyler