Seeking Alpha

Paul Mosgovoy's  Instablog

Paul Mosgovoy
Send Message
Truth is timeless: “Markets never change” – Jesse Livermore, 1923 The early masters, Livermore, Wyckoff and Loeb isolated themselves from the crowd and crowd thinking. None of them ever graduated high-school and yet they each became legends in the market. Their techniques have been time-tested.... More
My book:
Market Masters: Livermore, Wyckoff and Loeb
  • Molycorp Correction Continues 0 comments
    Jan 7, 2014 5:08 PM | about stocks: MCP

    As we stated in this report, Molycorp Inc. (MCP) appears to be in the process of correcting.

    Today's session was another corrective move with a slightly lower close. Price action is still within a 38% retracement level and the day's session volume continued to contract.

    (click to enlarge)MCP Daily Chart

    Charts by StockCharts.com

    So far, the probabilities are still weighted to the up-side. We have large volume up moves followed by lower volume corrective moves. Price action is now touching a known support level and presenting a 38% retracement simultaneously.

    As sated in yesterday's report, if MCP begins to erode into the 50% retracement area or if volume to the down-side begins to increase, then the bullish case may be invalid.

    We are maintaining our position in MCP with a stop located in the 5.46 area.

    Disclaimer:

    This report is for discussion purposes and contains our opinions only. This posting is to publicly document our thinking and market analysis actions within the Three Ten Trading entity. The data was obtained from sources believed to be reliable. However, we make no guarantee as to the accuracy of that data.

    Investing or trading in equities, futures or options may result in a significant loss of capital, total loss of capital or a loss greater than available capital.

    We are not advocating any stock or in any way offering portfolio management advice or stock selection service.

    Respectfully,

    Paul Mosgovoy, President: Three Ten Trading, LLC

    Thank you for reading.

    Disclosure: I am long MCP, .

    Themes: Long ideas Stocks: MCP
Back To Paul Mosgovoy's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers

StockTalks

More »

Latest Comments


Posts by Themes
Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.