Near its 52-week high of $320, Mastercard received upgrades from two firms, and that was a sign that the top was near. The stock now trades around $245.
The Bottom Line: When you see huge volume, a news catalyst and a 52-week low think about a timing trade. And on the flip side, a stock on a 52-week high that’s getting upgraded could mean the top is near.
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Trader disclosure: On Aug 19, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (CY), (MSFT), (WMT); Adami Owns (AGU), (C), (BTU), (GS), (INTC), (MSFT), (NUE); Pete Najarian Owns (AAPL) And Is Short (AAPL) Calls; Pete Najarian Owns (CSCO) Call Spread; Pete Najarian Owns (LEH) Put Spread; Pete Najarian Owns (MS) And Is Short (MS) Calls; Pete Najarian Owns (NVDA) Calls And (NVDA) Call Spread; Terranova Owns (AAPL), (BNI), (CME), (EOG), (FCX), (GS), (GOOG), (INTC), (KOL), (NOV), (POT), (RIMM), (SA), (XLF), (SU), (X), (VLO), (YHOO); Terranova Owns (AIG) Puts; Terranova Is Short Crude Oil Time Spread (Short Dec. 2009, Long Dec. 2012); Terranova Is Long Crude Oil Futures (Dec. 2012)
Terranova Is Chief Alternatives Strategist Of Phoenix Investment Partners, Ltd.; Phoenix Investment Partners Owns More Than 1% Of (ABD), (ARE), (BRE), (CNTY), (CLB), (OFC), (DLR), (ESS), (EXR), (FL), (IAT), (IGE), (LNET), (MAC), (OIIM), (PSPT), (DBC), (DBV), (SLB), (SKT), (BLV)
Terranova Is Co-Portfolio Manager Of The Phoenix Diversifier PHOLIO; Phoenix Diversifier PHOLIO Owns (IGE), (DBC), (DBV)