Mastercard Pulls Back Off Key Level

After a solid move higher in the markets yesterday, the S&P500 is slightly higher again today.  The grind continues up, as volume remains light and optimism continues to flow. While the market has been moving up over the last two days, MasterCard Incorporated (NYSE:MA) has fallen. The reason for the fall on Mastercard is simple. The stock retraced the entire mega move lower that occurred after the Federal Reserve eluded to curbing fees the credit card companies could charge. Prior to that announcement, the stock had been trading at $259.00. With three days, the stock hit a low of $215.00. This was a tremendous collapse for a stock which had been a leader. Since then, the stock has moved higher, grinding day after day, finally reaching its 100% retrace at $259.00. That my friends, is the shorting spot. It hit this level two days ago. Since then, the stock has fallen 7.00 points for a beautiful short. Learn these methods and you will achieve greatness in the trading world.

The other credit card players are mixed today. Visa Inc. (NYSE:V) is trading at $76.27, +0.31 (+0.41%) while American Express Company (NYSE:AXP) is trading at $46.00, -0.86 (-1.84%).

RealTick graphics used with permission of Townsend Analytics, Ltd. ©1986-2011 Townsend Analytics, Ltd. All Rights Reserved. RealTick is a registered trademark of Townsend Analytics, Ltd

About Gareth Soloway 168 Articles

Affiliation: InTheMoneyStocks.com

Gareth Soloway has been an avid swing and day trader since his days at Binghamton University where he studied Economics. After college, Gareth quickly excelled as a financial advisor, helping clients get their financial houses in order. While helping others gain financial independence, he continued to study the day trading and swing trading world, developing a unique market philosophy and proprietary methods. Following his work in the financial sector, Gareth went on to trade alongside professional traders. Unable to tolerate the hype of Wall Street any longer and having an amazing ability to profit using his developed techniques, Gareth Soloway decided to partner with his friend and colleague, Nicholas Santiago to form InTheMoneyStocks.com. Chief Market Strategist Gareth Soloway serves as the president and CFO of InTheMoneyStocks.Com.

Visit: InTheMoneyStocks

Be the first to comment

Leave a Reply

Your email address will not be published.


*