Exchanges Are Looking Up
- Posted by Greg Harmon
- on June 5th, 2012
The exchanges are the one bright spot in the financial sector and the ones in Chicago look the best. Take a look.
CBOE Holdings, $CBOE
CBOE Holdings, $CBOE, is moving higher after a 17% pullback from the high at 29.42. Tuesday it gained some strength. With a long Marubozu candle and the Bollinger bands expanding what was a bear flag is looking more like a reversal. The Relative Strength Index (RSI) is making a new higher high and verging on a turn to bullish with a Moving Average Convergence Divergence (MACD) indicator that is positive and growing, both supporting more upside. A move through the 200 day Simple Moving Average (SMA) at 25.99 is a good entry point with a stop near 25.30.
CME Group, $CME
CME Group, $CME, broke above the descending expanding wedge in February but stalled as it touched over 300 and has pulled back to retest that wedge as support. Tuesday was a key day for it as well with the break of consolidation over 265 supported by a rising RSI and positive MACD with the Bollinger bands opening higher. A move over the 50 day SMA at 271 seals the deal and is a good long entry with a $6 trailing stop.
The charts for the Intercontinental Exchange, $ICE, Nasdaq OMX Group, $NDAQ, and NYSE Euronext, $NYX, also all had good days printing bullish Marubozu candles but still have more work to do to turn the tide higher. Keep an eye on them.
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The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.blog comments powered by Disqus
Gregory W. Harmon CMT, CFA, has traded in the Securities markets since 1986. He has held senior positions including Head of Global Trading, Head of Product Development, Head of Strategy and Director of Equity. (More)
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