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Visa is creating a new trend

Visa (V) is creating a new trend these days, however the entire market is still weak and may not support this trend. Watch the stock very carefully. Right now the trend is creating its third high-high point and soon it may reverse to create a new high-low point. If it happens, on its reversal at high volume it will be my entry point. Also the entire market must be in confirmed rally at the same time to buy any new positions.

Today morning the market opened in strong rally after China trade data and US job data. The Dow Jones industrial average rose about 230 points in late morning trading. The Dow and the Standard & Poor’s 500 index climbed about 2.3 percent, while the technology-dominated Nasdaq composite index rose about 2 percent, which is creating a follow-through day. If this trend sustains its momentum till the end of the day, we may see the market in rally attempt.

I am expecting Visa to provide a buy point sometimes in June 16 to June 21st 2010.

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