I've been waiting since early May to fill out the MCP equity Trading position (LONG) which is at half size, with today's move breaking $2.50 which is a level I've been watching and expecting to be broken since this morning (with volume confirmation that orders were hit) as it is a psychological level , this also sets up the kind of entry I like for option positions, to enter on extreme moves such as opening a call position in to this move down.
I haven't taken the time to find the post, but I had recently said that the trading range of the last (approx.) 3 trading weeks in which MCP's charts have held up very well, has support that is too well defined, the range is too large now not to have a stop run, it looks like today's move is exactly that, a stop run / head fake move and this is the kind of move that I like to use to enter options positions as the premiums fall.
I'm going to fill out the trading equity long position in MCP and open a July (standard) $2.50 call position.
I'll post the charts next.
Is interest rates about to start going up?
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Yes, I know - it does not make any sense - FED is about to cut
rates...but....real world interest rates are not always what FED wants it
to be.
5 years ago
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