Sunday, April 10, 2011

ICE Reversal?

ICE has been grabbing more headlines than usual lately after joining with NDAQ to bid for NYX. As you can see in the six month daily below, ICE had been behaving bullish until the bid was announced. Since the end of March ICE's 50 dma has acted like resistance and key indicators have turned bullish. Monday's reaction to the news that NYX has rejected the NDAQ/ICE bid will make or break this chart:

Disclosure: I have no position in ICE.

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