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Visa is setting up well for a fresh rally leg.  The stock is up just shy of 2% today as shares head for their best close since June 10th.  V reached its rebound highs that day before entering a healthy consolidation.  This bull pennant allowed the stock to work off its overbought reading without giving up much ground.  With solid footing underneath near the June/July lows Visa could make quite a run.  A key hurdle in the near term is the $202.00 area(June high).  On the downside, a close back below $190.00 would indicate more sideways action is ahead before Visa is ready to retest the all time highs($214.00).  

Earnings are due July 28(PM). 

We are long Visa in our Tactical Opportunity Portfolio.