Above I have what appears to be CME doing a reversal. It previously broke down out of a long term symetric triangle which led it into death spiral, the bull seemed dead. But after Friday's move CMEs chart looks fantastic, I like everything about the story the action and the options. ICE looks great too.Another one I like it HYTM, which appears to be in the early stages of a ~36 week cycle. In the weekly chart below you can see a clear pattern in which HYTM makes a major low about every 36 weeks. In the past this low is followed by a powerful upside swing to the approximately the upper bollinger band which currently lies around $10. This is a long term move, but in the past the initial stage was the fastest. I will be prepared for some big swing or else set tight stops. They reported earnings last week.
My initial concerns about the IBKR ipo being over supplied and over priced turned out to be true. All of those that bought the ipo at 30 and those buyers since from 33 to 27.50 can't be happy. They doubled the size of the offering and the price went higher, it was pretty counter intuitive and now we see the consequences unfolding in the open market. Who knows how far IBKR will fall, but it has definitely picked up some downwards momentum:
My guess is that IBKR will at least test the middle of the initially suggested ipo price range. When I was informed by IB about the auction they said the expected range was $22.50-27.50 so I put in a bid at $25 which never got filled since it finalized at $30 and opened at $33 on the first day. There is very little to go on in expecting a support level, obviously there isn't much chart history, but I think we should be expecting it to bounce just was fast as it has dropped. One thing is for sure, IBKR is extremely over sold right now.Disclosure: I own May HYTM 7.50 Calls
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