I haven't actively traded AXP for a few months now because was concerned over the increased regulation on the payment networks, but ever since AmEx announced a deal with Foursquare I started to pay more attention to their attempt at 'getting social'. Then, what got me really focused on AmEx again is their deal with Facebook (like, love, link).
I think their 'GoSocial' campaign is producing some really interesting concepts, which I think can carry increased usage with the social-age of the web.
Historically, AXP usually trades with a trailing PE between 14-15, but the regulatory back-drop created a discount. So I am factoring AXP trades between a trailing PE of 14-14.5, which would suggests a price range of 54-56 over the next three months.
However, without a supporting market, AXP should decline to uptrend support areas, and this is when I plan on pouncing.
The 76SMA acts as support on the daily, and when AXP approaches this level I will enter solid position in the Jan 2012 50 (strike) calls.