MCP Closing Update

I'm happy to hear that many of you have had successful trades in MCP, a stock I would not normally cover due to volume/price, but since we have been following it for a while and it does have some interesting features, I have kept up coverage.

We expected MCP to pullback, today it did to the tune of more than -10%, but still up over +150% (as much as nearly +242%) over the last 8 days.

This morning in addition to other warnings, MCP Alert... was posted and MCP ended the day close to expectations.

 The bearish churning observed earlier today was the theme of the day, when you see volume this high which is just shy of yesterday's and no price gains, you can pretty safely assume bearish churning which we saw on a daily basis by 11:30 and an intraday basis. The closing Candlestick isn't exactly a reversal candlestick, it is close to one called "Dark Cloud Cover", but didn't penetrate low enough in to yesterday's real body to be technically correct, but that's where a lot of traders go wrong, trying to be "Technically correct" rather than understanding what the psychology of the charts are telling you which is the most important thing' it's kind of like the difference between memorizing answers for a test and understanding the questions.

 The 60 min chart does show a significant divegrence with no damage done to it today so my assumption unless proven otherwise, is that there's still plenty of gas in the tank and we "should" see a constructive pullback meaning it can be confirmed with 3C accumulation which would make it worth a look as a new long position at the right time, but first it needs to correct which can happen through price or through time.

 The 3 min chart is already showing some positive activity, not enough to call it a buy, but so far it looks somewhat as we expected, a constructive correction.

The same is true of the 5 min chart.

There's a bit of a question at the 10 min chart, but there are several reasons that this chart could look as sharp as it does, this is one we'll want to keep an eye on, otherwise, everything else looks good for another entry sometime in the not too distant future. The great thing about it is the position has to prove itself first, if it doesn't then we can just move on.