Among the stocks pulling back ahead of the final trading day of the week are some of the major exchanges, like Chicago Mercantile Exchange and NYSE Euronext.
Shares of CME Group (CME) have been range-bound for the past few weeks, consolidating after a rally that took the stock to new six-month highs. CME has closed lower for the past two days in a row, and three out of the last four sessions.
The correction in CME is the first since the stock climbed back into bull-market territory during the first days of February.
NYSE Euronext (NYX) has closed lower for the past three consecutive sessions to trade in technically oversold territory ahead of Friday's open. Trading above its 200-day moving average for a little over a week, NYX spent six months between July 2011 and February 2012 trading in bear-market territory.
Fresh off new 52-week highs, shares of IntercontinentalExchange (ICE) have spent the past week in a trading range. This range has allowed the stock to work off the overbought conditions that accompanied the push to new yearly highs. Up more than 1% in trading on Thursday, ICE may be en route to another breakout to new highs -- not unlike the breakout from the mid-February range that led to the stock's most recent new highs.
Information about quantified edges on stocks provided courtesy of The
David Penn is Editor in Chief of TradingMarkets.com.
Disclaimer: The views represented in this column are those of the individual authors only, and do not necessarily represent the views of Schaeffer's Investment Research.
Recent XIV Action May Bode Well for Bulls
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