MCP Follow Up +242%

If you missed yesterday's MCP Follow-up  you missed the chance to grab about +15% in a single day using equities with no leverage.

You know what our longer term outlook is for MCP so this is just a taste of what we can expect, but we still need to be careful, UNG is a perfect example.

As for the Jan. $5 calls closed today, I normally don't use options as a way to swing for the fences, they are (for me) a tool that is pulled out when the job calls for it, but I won't cry about a triple digit gain either.

MCP has enough evidence for me to suspect some lateral action, maybe even a downside correction, it's not overwhelming, but enough for me to play it safe with these kind of gains.

The MCP Jan $5 calls P/L today on the closed position came out like this.

At a cost basis of $0.19 and a fill of $.65, the P/L came to +242% or a gain of $25,300.00

The hourly chart is where the probabilities have always been, it was just a matter of a tactical entry.

I posted several leading positive charts like this yesterday, this is when the asset is usually ready to move, especially when price is so flat.

Today however on a 3 min chart the first negatives started popping up and while I am more than willing to still hold the long equity position as the draw down on a correction is minimal, I'm not willing to watch those gains erode as MCP travels sideways and eats up time or worse, moves down. This was a great trade, it's not time to get greedy over it.