Next on Tap: MasterCard (NYSE:MA)

Summary

Read Full Post.....
I had previously called Mastercard (NYSE:MA) a buy when it briefly dropped below $150, but did not heed my own advice.
Well, lo and behold, the market has decided to give me a second chance.



How strong is the current uptrend in MA? Well, in case you haven't noticed, every single financial and tech stock out there is dropping like flies. All solar power stocks were taken out to the woodshed today as well. Amongst all, this, Mastercard bulls have dutifully perserved the nice uptrend in the stock. The earnings gap is still considered a breakaway gap. If the markets weren't in a tailspin, I imagine MA might be touching 250 by now.
Mastercard has a great story and some great fundamentals, but what matters right now is the technicals. And what the above chart is telling me right now is that a buying opportunity is coming up very soon. Probably when it drops to the $170-$175 area will be a good buy signal. I will be looking for a reversal that occurs in that area as my entry point.