The CBOE Global Markets Inc (NASDAQ:CBOE) has come under severe selling pressure this week. The catalyst for the decline in the CBOE stock has been caused by the products that are linked to the VIX volatility index. Today, the CBOE is trading lower by another $3.80 to 113.14 a share. The pattern on the chart indicates a weekly bearish engulfing bar in the making. This pattern should signal further downside in the near term before a true bottom is in place. Traders should note that the stock will have a major weekly retrace level around the $97.00 area. I will be looking to play this stock on the long side when the CBOE trades around this level.

Nicholas Santiago

InTheMoneyStocks