ITT Schools Shorts For Second Day In A Row

em>Joel Elconin is the co-host of

, a daily trading idea radio show.

ITT Educational Services

shares are trading higher $1.28 at $5.65 in Monday's session. The issue has rallied roughly 145 percent since ending Thursday's session at $2.41. The rally began on Friday when the Street learned of its FY14 EPS of $1.23 vs. Est. $1.02. The report, which came around 10 AM on Friday, ignited a over a $1 rally in matter in a minutes for the the low priced issue taking it into the $4 handle. Later in the day, it reached $4.85 before falling back to settle at $4.37. As a result of the large price increase on much heavier than average volume, momentum traders piled into the issue instigating a sharply higher open ($5.15 vs. Friday's close $4,37). Following a retreat to just below Friday's high ($4.85), reaching $4.756, the rally resumed. So far, it has reached $6.32 before falling back under $6. That marks the highest level for the issue since it traded to $7.19 in April. ITT is quite a distance from its all time high that was made in February at $133.75 and much closer to its all time low made last October at $3.66.