Thursday, October 2, 2014

MCP (long) up Over +18% Today

While I'm very happy to see MCP gain some ground, it's a loner term move that I'm ultimately looking for, but since our last update on 9/26 , MCP Update, in which the rounding bottom/base was identified, it certainly looks like today is the move out of that base and with the short interest as high as it is in MCP, this could be a rocket that doesn't look back for a bit.

 The daily chart and rounding bottom just after a break below a defined range. head fake/stop run?

The 4 hour chart is still very positive so I'm ultimately looking for a move a lot bigger than +20%, but this is nice as well.

Today is one of the first days in a long time that I am net long with yesterday's addition of URTY and TQQQ , everything is green, so it looks like the SRTY and SQQQ closure yesterday, after outstanding performance,, was right in time.

MCP's 30 min chart suggests the move below the support range was accumulated.

And the short term timing chart of 5 min is giving an obvious signal.

So far the intraday charts are confirming price. I'd like to see the short squeeze begin in earnest, that would be something to see.

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