Here’s CME for Matt:
It looks to me like somebody (or a few somebodies) got caught short the $400 twins (CME and GOOG) yesterday. Both of them have been tracing similar, choppy channels with a slight upside bias since mid-May. They both popped out of those channels yesterday.
I like that CME is now back above its 50-day moving average and that the move came on strong volume. My only concern is the general market dragging it back down. If it does fall back I wouldn’t want to see more than 2/3 of Wednesday’s lost. More than that and I think you’d have to call this move a false breakout.
Thank you for the Chart Mike. I noticed CMEs pop on volume. My read was a move out of the consol. zone of the last month or so.