CHICAGO, Feb. 22, 2011 /PRNewswire/ -- Zacks highlights commentary from People and Picks Trader "inthemoneystocks".
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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. Within 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.
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