MCP Trade Update

MCP is also getting to be very hard to ignore, it made the move this morning that I said to look for in yesterday'a post.

I suppose if you like setting limit/buys (which I never like to do, I never want anyone seeing what I'm going to do until I do it-market wise), then the $4.69-$4.70 level would probably be the area in which I'd place the buy limit.

As for the charts, you already know (see yesterday's post) that the 30/60 min are exceptionally strong, it was just a matter of linking the short and intermediate charts with positive divergences which was happening yesterday and continues to happen today.

 The 1 min chart is doing what it should, but not convincing me that the timing is right to pull the trigger, but that can happen very fast, in fact in the time it takes me to write this post.

The 2 min chart looks solid, I'd like to see it lead like the blue arrow I drew in.

The 3 min chart is leading, the area in the white box is what I'm watching for an even stronger move up.

And the 5 min has been leading positive since yesterday, this is the first intraday institutional timeframe so it seems there was a lot of strong underlying trade late yesterday.

The 10 min chart is the link, it's positive, but I'd really like to see this lead as well.

MCP will likely move with the market initially, but this is a longer term trade, it is not a market correlated bounce. MCP has its own legs and I suspect it will move to a stage 2 base over the next several months despite what the market is doing.

This is one of my favorite longer term (long) positions.