Thursday, May 18, 2006

Chicago Merchantile Exchange

Here is daily chart of the Chicago Merchantile Exchange which has been one of the bull market leaders. I last commented on CME here.

I think a three phase correction from the 501 high is nearly complete. I see strong support near 435, just a tad below the 10 and 5/8 multiple of the all time low trade price of 41.35.

I don't think the bull market in CME is over yet. Later this year CME should rally up to my current longer term target of 542 which is the 13 and 1/8 mutiple of 41.35.

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