Insight on Americans' relationship with credit cards, with John Ulzheimer, Credit.com; Jerry Lynch, JFL Consulting; Doug Flynn, Flynn Zito Capital Mgmt.; and CNBC's Carmen Wong Ulrich.
Thursday, May 14, 2009
Wednesday, May 13, 2009
Gold May Extend Gain as Resistance Breached: Technical Analysis
May 14 (Bloomberg) -- Gold may extend its two-week advance after breaching the so-called resistance level that defined the precious metal’s bear trend since this year’s peak in February, Standard Bank Group Ltd. said, citing trading patterns.
This indicates the “corrective phase has ended,” Darran Grabham, the bank’s technical analyst, wrote in a note yesterday. “This is a positive development, but we are not currently forecasting a move to a new high.” A resistance level is where sell orders may be clustered.
“A break above $932 is forecast in the weeks ahead, yielding a move into the $960 to $966.70 area, from where a reaction is envisaged,” Grabham wrote.
Gold for immediate delivery traded little changed at $925.47 an ounce at 10:01 a.m. Singapore time and has gained 1 percent this week. The precious metal is down 8 percent from this year’s intra-day high of $1,006.29 on Feb. 20.
The advance may stall at $932, with the $900 to $890 area providing support to ensuing retracements, Grabham wrote. If the anticipated sell-off does not materialize around $960, the rally may extend to $980.
“Gold weakness back below $890 turns the outlook neutral, while continued selling through $880 again exposes the market to the pivotal $869 to $865.80 support base,” he wrote. “A sell signal will be initiated below $865.80, initially yielding a decline to $840.”
MasterCard Will Let Customers Transfer Cash Using Mobile Phones
By Alexis Leondis
May 13 (Bloomberg) -- MasterCard Inc., the world’s second- largest electronic payments network, will begin letting U.S. customers with Bancorp Inc. accounts send money by mobile phone later this month.
Customers will be able to write a text message, use a mobile Web browser or download an application that will enable them to transfer money to another person’s account, the Purchase, New York-based company said today in a statement.
“Consumers are carrying a lot less cash around and this service enables them to send or receive money without the hassle of exchanging cash back and forth and writing checks,” said Art Kranzley, the company’s chief emerging technology officer.
MasterCard’s profit slipped 18 percent in the first quarter from a year earlier as credit-card spending fell, it said in a statement May 1. The company is unaffected by rising credit-card defaults because its network processes transactions and doesn’t make loans to cardholders.
The mobile phone feature was created for so-called social and family payments, such as reimbursing friends for concert tickets or sending money to a child in college, Kranzley said. The program, which limits transfers to $500, will initially be offered to customers using prepaid cards from Bancorp, an online commercial bank based in Wilmington, Delaware. Kranzley said it will be extended to other banks that sign up.
The sender must confirm the initial request by entering a personal identification number. This validation, along with the same security safeguards given to customers who hold credit cards issued by banks in the MasterCard network, will protect against fraud, Kranzley said.
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