MCP is a current long (equity or Calls) and has broken out of a second triangle this morning, this is what the market use to trade like before Technical Analysis became popular and Wall St. started using it against Technical traders.
It remains to be seen if MCP can withstand an ebbing tide in the market, but this is one of a handful of longs that I have long thought could stand on its own feet without need to draft the market, still the market's directionality is a strong magnetic pull accounting for about 2/3rds of a stock's movement. I'm guessing we'll find out soon (as morning trade dissipates) whether MCP can hold the 4+% gains of this morning thus far.
A second bullish consolidation triangle broke out this morning on volume, this was a common site before 2000, there was still a head fake move late Friday, but that's a common shakeout feature to get rid of weak hands and pick up shares on the cheap just before a move occurs (at least 80% of moves are preceded by some sort of head fake move in our experience).
This is the breakout this morning, there's good volume which is a good sign.
The longer term charts are strong with MCP unlike many others, these stretch out to 60+ min positives.
Thus far the intraday chart is confirming the move up as 3C is in line with price, the move looks real thus far.
And here's Friday afternoon's positive divergence in th the head fake move getting ready to launch MCP this morning.
Congratulations to MCP longs,
I may take profits on Sept $6 calls, but that is because they are options and I haven't made any decision, for a long equity position, I'd feel very comfortable holding MCP.
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