MCP Update

I'm updated the MCP chart yesterday in the Daily Wrap, 5 min leading positive much larger than the last update when we put out the Call position trade Monday, Trade Idea: (short term options) MCP Call and Monday's chart, MCP Chart follow up.

Yesterday's MCP updated 5 min chart...

Something has definitely been going on here as the leading positive on a 5 min chart in the white box (click the chart to see the full chart) was all added yesterday alone, it was telling us something as you can see by MCP's behavior this morning, up 6+% and there still seems to be something longer term going on.

If I had calls with near term expiration I'd likely be taking the gains on this move, but if I had at least an August standard monthly expiration, I think I'd continue to hold MCP calls, I didn't get filled on them so I don't have a track at my disposal.

Charts...

 This morning's move, note the flat range just before which is often an area of accumulation, funny how Technical traders ignore these areas as they often have the most underlying action, although they look flat and boring.

There's a little early profit taking as you can see on the 1 min chart with a relative negative divegrence (weakest form), this may be temporary before MCP heads higher on the day unless it migrates to longer charts like 2, 3, 5 min.

The 2 min chart shows a stop run (yellow) which was accumulated , MCP stayed in line and posted another shorter term divergence just before today's lift off, this is often market maker/ specialists or liquidity providers who have filled an order and have an idea of what's going on just stocking up before a move.

 Here's the last call position we entered and exited at 120+% and here's the last call position Monday.

The 3 min chart is leading positive.

The 3 min chart is inline which is good and why I'd have no problem holding for now, as far as the equity long position, I have no problem holding that one either.

The 5 min chart really exploded higher yesterday.

And here's the change in character on the 15 min chart since mid to late May.

Long term the 60 min chart has continued to hold up, still very reminiscent of a similar situation in RIMM years ago months before they announced a major management shake-up.