CME Group Tackles Key Chart Point, Says Dr. Joe Duarte
Duarte added: CME shares topped late in 2007, somewhere above 650, and lost over 70% of their value during the bear market. During that period, stocks, and commodities, the assets that people invest in during periods of economic growth also took huge hits.
CME has been moving sideways for several months now, as commodities have been forming a base, and now stocks may have hit bottom, although the latter still have some work to do.
ICE, for its own account, has recently been cleared by the SEC as a clearinghouse for credit default swaps, a key set of financial derivatives that are central to the current credit crisis and economic downturn.
The ICE news is huge, since it means that a new level of transparency is about to enter the financial information system. More important, the fact that financial exchange shares are starting to show improvement is a sign that investor confidence is improving, as these institutions are central to the financial markets and the economy.
Duarte's conclusion: It's still early, but the fact that these two stocks seem to have stopped falling is a big positive for the overall action in the markets.
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Duarte's IntelligentForecasts.com (http://www.intelligentforecasts.com) provides free news coverage and analysis, and his daily articles and news summaries offer recommendations and analysis for ETFs, and individual stocks in the technology, health and biotechnology, and energy sectors. Duarte has combined expertise in health care, energy, and the effects of politics and global intelligence on the financial markets offer a unique blend of insight and information to thousands of active investors and political and intelligence aficionados around the world on a daily basis.
He is the author of: Futures And Options For Dummies, Successful Energy Sector Investing, Successful Biotech Investing and co-author of After-Hours Trading Made Easy. In early 2001, in Successful Energy Sector Investing, he correctly predicted that Venezuela's political problems could lead to an energy crisis in the United States. He has also appeared as a weekly guest on Market Mavens Radio and has logged appearances on KNX radio in Los Angeles, Financial Sense.com radio, and Wall Street Radio.
One of CNBC's original Market Mavens, Dr. Duarte has been writing about the financial markets since 1990. His articles and commentary have been featured on CBS Marketwatch, Barron's, Smart Money, Medical Economics, and in Technical Analysis of Stocks and Commodities magazines. In 2003, Doctor Duarte received second place, in the professional section, of the Medical Economics Investment Challenge with a 12-month return of 42%.
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