MCP

MCP is a long we have been in and out of, I generally like it, but on corrections.

I was emailed about it, it does look like it could see a short term move to the upside, it's not where I'd want to personally buy it as a high probability trade.

In looking at MCP, I'm noticing on other charts as well that this "potential pullback then bounce", could be a bit different than expected.

First the entire thing could collapse because most of the stocks that look as if they could bounce have short term divergences at best.

Some look like they could see a bounce that is so quick, I'm not sure you'd even have reasonable time to asses it and close the trade.

That is unless, there's going to be a larger divergence, but further out, as in tomorrow is Friday with a 3-day weekend, many traders may be loathe to hold any longs going in to this weekend with all the bad news that could come out. So perhaps we don't get real accumulation (if we get it at all by that time) for a short term bounce until next week.

Also tomorrow is an op-ex Friday, I don't know that it will matter much, but we have seen Thursday's close near the Friday pin.

In short, stay patient, wait for the high quality trades.

Also just to avoid confusion, the fact I'm looking at playing some short term bounces does NOT in any way diminish my thoughts about this market.

I have NO INTENTION OF CLOSING LONGER TERM EQUITY SHORTS/ETFS BASED ON A SHORT TERM EVENT.