Cramer (and a trade) on NYSE

NYSE Group, Inc. (NYSE:NYX) opened at $83.40. So far today the stock has hit a low of $82.75 and a high of $84.17. As of 10:50 this morning, NYX is trading at $82.93, up $0.62 (0.8%).

After hitting a one year high of $112.00 in November, the stock has slipped over the past few months. Jim Cramer believes that with this stock as low as it is, it's time to "back up the truck" and buy. Merger and acquisition buzz regarding the InterContinental Exchange (NYSE:ICE) and CBOT (NYSE:BOT) could give NYX a lift as well. The technical indicators for NYX have been bearish but improving slightly, while S&P gives the stock a positive 4 STARS (out of 5) buy rating.

For a bullish hedged play on this stock, I would consider an April bull-put credit spread below the $70 range. NYX hasn't been below $70 since September and has shown support around $74. This trade could be risky if the recent market hiccup turns into more of a down market than expected, but recent economic indicators seem to still show that the US economy is on the right track.

Brent Archer is an analyst on the move at Investors Observer (Free Subscription).

DISCLOSURE: Mr. Archer owns and/or controls diversified portfolios of long and short stock and option positions that may include holdings in companies he writes about.