This CBOE Pullback Could Be a Big Win

By Liliana Orozco | December 12, 2025, 3:54 PM

Fresh off all-time highs and outperforming the S&P 500 Index (SPX) by a wide margin in 2025, exchange operator stock Cboe Global Markets (CBOE) recently staged a pullback from its November peak to the 30-day moving average, as well as the site of its August closing high and November lows. The security is also trading just above the $250 area, which acted as late summer resistance, while implied volatility (IV) is sitting at its lowest level in a year.

Despite its recent outperformance, analysts remain skeptical, with 14 of the 17 in coverage calling CBOE a “hold” or worse. This means the stock looks overdue for a round of bull notes. Meanwhile, short interest remains 35% above early 2025 lows, despite shorts being in covering mode since August. It would take these shorts nearly three days to buy back their bearish bets, at the equity’s average pace of daily trading.

Our recommended call has a leverage ratio of 10.1 and will double on a 10.5% rise in the underlying equity.

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CBOE

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Cboe Global Markets Inc

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This CBOE Pullback Could Be a Big Win

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