Visa, MasterCard Jump on Durbin Drubbing

[웃 910]

Visa, MasterCard Jump on Durbin Drubbing

NEW YORK (TheStreet) -- Shares of Visa (V) were up 11% to $83.44 and MasterCard (MC) saw its stock shoot up 7% to $296.41 in heavy trading late in Tuesday's session, on reports that the Federal Reserve was throwing banks a bone by raising its proposed cap on debit card interchange fees.

The Fed initially proposed a 12-cent cap on interchange fees, which was a drastic reduction from the average fee of 44 cents per transaction, charged by banks in 2009, according to the regulator.Under the Durbin Amendment of the Dodd-Frank Wall Street Reform and Consumer Protection Act -- signed into law by President Obama last July - the Federal Reserve must set a new cap on the fees charged to merchants by banks with total assets exceeding $10 billion, to process debit card purchases

With several unconfirmed reports that the Federal Reserve is increasing the proposed interchange fee cap to 21 cents, investors are breathing a sigh of relief.

http://www.thestreet.com/print/story/11170420.html

[mawilson 2,133]

Somebody made money today.

[웃 910]

Somebody made money today.

Those are TWO-MINUTE BARS on the graph.....3 million shares in 120 seconds at $75-$80 a share

This is why I love the stock market. I don't know where this money is coming from and it flows in within seconds of news hitting the wires. But it is very exciting.

I am easing into the market...Made $130 today minus commissions on SHAW. I think they are in the nuclear energy business...My mistakes are killing me though...Bought 1000 shares of HOC at $60.8 on Friday but sold at $60.4 same day...It hit >$69 today which was only 3 days past when I bought Friday....Problem is I have a very limited supply of money...If I had more I could have held..I realize you will NEVER buy to the penny at the bottom and sell at the top but these $10 swings with 1000 shares (about 10 grand) are kinda sickening to think about. Only thing I am pretty sure of is that eventually (whether days, years, or decades from now) I will be making a lot in the market. It really isn't that hard at all!!!!

Edited June 30, 2011 by Lord Infamous

[mawilson 2,133]

My mistakes are killing me though...Bought 1000 shares of HOC at $60.8 on Friday but sold at $60.4 same day...It hit >$69 today which was only 3 days past when I bought Friday...

You had no way of knowing on Friday that the stock market would turn around on Monday.

It could have dropped another 500 points, if the austerity package in Greece had not passed, or for any number of reasons.

If you want to be a day trader, be a day trader - stay away from overnights.

[웃 910]

You had no way of knowing on Friday that the stock market would turn around on Monday.

It could have dropped another 500 points, if the austerity package in Greece had not passed, or for any number of reasons.

If you want to be a day trader, be a day trader - stay away from overnights.

Day trading is a lot harder and requires more skill imo....That's why I suck at it. It was a lot easier swing trading and not bugging out if you are down a dollar or two a share (which I would never let happen intraday)...

But what is amazing is the people that are good at it typically make at least $500 a day (and some much much more)....I think I can get to that point but like I said, it is going to take some time!

Oh, and being clear of all positions before the bell (sometimes done at 10:30am) and the amazing sleep!!

[Saddle Bronc 124]

Somebody made money today.

Credit-card firms not making money someday (with considerable portion from late-fees, and interest charges to those who don't pay statement-balance or higher)? That would be extremely newsworthy.