Dirty Harry And Molycorp (MCP)

Posted by barkand on November 9, 2011 under Fundamentals and macroeconomic data | Read the First Comment

Molycorp (MCP) is due to report earnings tomorrow and so the question is: do you feel lucky, punk trader?

Taking a quick look at the daily chart, we see that MCP is slowly pulling out of a base, and doing it on moderately strong volume. We would have preferred even more volume but, eh, it’s not bad. And since the lows of early October, there has been a healthy pattern of accululation. Generally, things are looking positive for MCP. What’s not to like?

Personally, we don’t like to hold positions during earnings announcements. Anything can happen. Anything. Consider these two items regarding Molycorp this week:

We prefer to live for another day even if it means missing out on an earnings “pop”. Good luck to all bullet counters, whether you are long or short.

MCP - do you feel lucky

home top