Cash in: No hold weekend for me
Updated
No reason to hold anything over the weekend unless you have to. Something smelly about the markets. I can feel the SPY wanting to sell.
MPC rallied up testing 37.00 fib level. It tested that level and it did not breach. The chart indicates overall bullish. It has/is building a nice $35 floor for itself. THE MODEL HAS NOT BEEN RE-DRAWN AND MPC IS TRADING PER THOSE FIB LEVELS SINCE MY FIRST MPC FIB POST. You can put a strangle on at 37.00 and 35.00 if you can afford to be that close to the money, but my money is better off elsewhere.
Now, if it rallies to $37.80, that'd make a nice cup formation. MPC has history of cup-and-handle breakout (see older chart).
Now, if you have followed my posts, you will have noticed me repeatedly saying that MPC has a history of bucking the SPY. It has. With that said, it's outside my own personal risk appetite.
Have a good weekend!
MPC rallied up testing 37.00 fib level. It tested that level and it did not breach. The chart indicates overall bullish. It has/is building a nice $35 floor for itself. THE MODEL HAS NOT BEEN RE-DRAWN AND MPC IS TRADING PER THOSE FIB LEVELS SINCE MY FIRST MPC FIB POST. You can put a strangle on at 37.00 and 35.00 if you can afford to be that close to the money, but my money is better off elsewhere.
Now, if it rallies to $37.80, that'd make a nice cup formation. MPC has history of cup-and-handle breakout (see older chart).
Now, if you have followed my posts, you will have noticed me repeatedly saying that MPC has a history of bucking the SPY. It has. With that said, it's outside my own personal risk appetite.
Have a good weekend!
Trade closed: target reached
Re-visiting another post on this stock. I hope you made money.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.