Trade Management: MCP

I HATE not having a long in MCP and as I have said since the first partial position was taken off this week, as a core long/trending long position, I would just leave MCP long alone, but as a trading position, I want to try to work around any pullbacks and such.

We may have received a gift from CNBC, I don't watch, but apparently they were talking MCP up on one of their shows and MCP jumped, this is not going to be smart money buying Fast Money endorsements, either smart money is in long ago as we know to be the case and/or they are using the bump up to take profits, perhaps they are looking for the pullback or even forcing it if they really like MCP which I think they do, so they can accumulate more on the cheap.

I'll be closing out the rest of the MCP trading portfolio position on this gift, I'm not concerned if I don't top tick it, this is more than enough for me, so from here I'm looking for a pullback and a new long entry.

 Intraday spike on CNBC comments, this is not smart money. It looks like that's about all retail has for now so I think it's a reasonable time to exit stage left.

The 2 min chart shows a negative in to the move so I think my theory is probably pretty close.

And the 5 min chart also negative here with a gap just below, this is more than enough for a short term trade to go ahead and collect those substantial profits and wait for the next opportunity.

Again, for a longer term position, core long, trend trade, I'd just leave it alone and be patient.