Thursday, February 28, 2013

MCP reports after the bell today, now, don't get me wrong, I've been talking about what an absolute piece of junk this thing was since it was $70, as I've been driving by their Mountain Pass mine for 50 years and never seen any thing going on. It's trying to double bottom at $6, they had a nice bounce after their last earnings report in the red box, and for us gamblers, you can pick up the $6.50 calls that expire tomorrow for about .20 cents, which limits your risk. Who knows, it might pop to seven or eight if people are stupid enough.
SIGH!! ROACHY MF'ERS!!! MCP came out with news this morning, after I posted this, forget it:

I've been waiting on BAC, I actually had a GTC bracket order at $11 which got filled the day before yesterday. It had a gap fill and a little double bottom waiting for it at $11, plus a trend line going BAC to the low in July was coming in right at $11 as well. I got lucky and have a decent start on it, but I won't be hanging around UNDER $11, I'm hoping for a shot at it's prior high around $12.50, or more. This thing has VERY obvious support lines at each of the whole numbers down to $7, so, if it decides to head south it might be play able at each of those whole numbers for a bounce, if it gets there.

AA has been wilder than a March hare lately, the stoopid thing bounced with the market yesterday, literally right out in the middle of now where, and I have no interest in it at all right here. HOWEVER, I AM waiting for $8 to show up again, I will definitely be interested to give it another shot at that point. But I won't be hanging around long for if it loses it at that level a monthly chart has $5 written all over it.

"Da Boyz" have been verwy verwy quiet during the over night futures last night, and I don't trust those bastards AT ALL, hahahahahahahahahahaha! The dumb ass run up yesterday off of the horrible Durable Goods orders number has left an "Air Pocket", or "VOID", that leaves NO support all the way back down to where we started the day before yesterday.
I mean, don't get me wrong, we can, and probably WILL, go higher, I'm just saying that IMPO I would wait until we either find support down at that bottom line, OR, we get a drop, then a rally, and then a drop that comes back to test the PRIOR low, that could set up an R/R trade with acceptable risk for me.
In a strange turn of events for they already canned their first signal change since November and flip flopped, very very unusual for them, which reflects the wild swings in the current markets.But they had a warning with this new signal, as they are seeing the same type of set ups that they saw back in 2007 and 2008 before the market crash back then, and they are highly recommending that you not get married to chasing the markets lower, unless of course we get some kind of obvious pull back that sets up a nice R/R trade with clearly defined stops.  


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