NYX Down Another 4%
Posted by Blain Reinkensmeyer
December 26, 2006 at 11:01 am
Take a look at this chart of NYSE Group (NYX) to understand what we were looking at last week. The stock falling back under $100 signaled the end of its move above, and today NYX is down under $93 a share on volume of just over 1.5 million shares. Low on the day is $92.51.
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TRADING DOWN ON LOW VOLUME,NOT WORRIED.
lower volume maybe, but either way it was a distribution day, along side the collapse of the $95 support line! 2 out of the last 4 days have been distribution, and the stock has technically broken down.
Today’s movement isn’t anything to jump for joy about either, volume was lower than yesterday’s. Take a look at the group as a whole as well, the leaders are beginning to break down. ICE is the only major player holding support currently. I just sold out a client in it, and I say look for the stock to test its 50 MA within the next two weeks.
true about the volume yesterday,call me crazy but still think will go back to 112 within 2-3 wks