MCP

Yesterday was one of those days in which MCP put on a real show for us, it was similar to our very profitable FB long when everyone hated FB, but much shorter in terms of accumulation, it was how spectacular the accumulation was that made MCP hard to ignore.

I closed the long MCP position from yesterday I believe around a 7% gain, not bad for no leverage and 1 day. I said I'd definitely close it if the negative divergence reached the 5 min chart, it has. Here are the charts and a couple of stop ideas if you are still long MCP.

 Based on this 5 min ultra-leading positive divergence, I wouldn't be surprised if MCP pulled back and constructed a bigger base that can sustain a longer move, we'll certainly keep it on our radar. Earlier I mentioned this chart hadn't seen a negative divergence, but was getting sloppier.

 The same chart intraday has now put in a negative divergence, up 5.4% today, plus yesterday's gains.

 For a tight stop, the 5 min Trend Channel has it at $12.20-about 5 cents more than earlier.

If you are looking at MCP longer term, the 60 min Trend Channel has a stop at $11.90 which is still a profit from yesterday's entry.