MCP Update

Tuesday I said MCP looked ready to breakout, yesterday it did breakout for a 5+% move (some of you have 100+% profits in options) and in yesterday's post I didn't see anything negative in MCP's move, in fact there was a lot of confirmation and the other thing I mentioned is whether or not we might see follow through today.

Thus far we have some follow through with a +1.76% move up, so I know many of you are wondering what to do with MCP. Honestly I can't find anything negative yet that that would scare me out of the position, the only thing is with a 100+% gain in options, I'd be tempted to take at least some off the table, but that's more just my take on options and my personal opinion.

It's early in the day to rely on the charts as institutional traders usually come out toward the end of the day, but lets take a look and see what we have thus far and I'll provide some Trend Channel Stops.

 Here's the daily breakout, I would keep an eye on volume, we want to see it rise today for follow through.

 So far MCP's volume is rising today on the move.

 The intraday timeframes so far are all in line. 1 min

 2 min

 3 min

 5 min is good and 10 min is in line

 For a longer term stop, the hourly will work.

 This 30 min is a bit tighter.

At 15 min, you are pretty much playing this breakout only.