~ I had one trade today that went okay but it seems that I should've stuck to my plan... ~
- $MCP - In at 0.8999 and out at 0.9401
I bought it at 0.90 right around 2:45pm after it held support around 0.89 - 0.88 because I expected it to squeeze. The reason why I was thinking that it was gonna squeeze is because not too long ago they put out a press release saying that "They might not be able to stay in business" back around March 18th. So I looked on Yahoo Finance and looked to see how many shares were short and it showed 31% or 57M shares short as of March 31st and with this information I would bet that a lot of people think this company is short lived.... but then $MCP won a contract that stated that they will be supplying "Siemans AG's wind turbine generators over the next 10 years" which in my mind makes me think that they probably aren't going to go out of business. That's when I bought it at 0.90 but the quick little pull back faked me out. But that's my thesis...
** Please if you have any thoughts or advice... I am always trying to learn!! **
In .836, out .90. Tomorrow morning will be interesting. If it makes new high, ill consider taking a position again in it. It does seem odd for a company thats going out of business to secure a 10 year long contract
I didn't do this good a job researching $MCP and appreciate your work here. I saw this article and looked for it to jump a little more on the second day but I knew it was a tough cookie after climbing 70% in a day. May rebound but I think this was a one trick pony.
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