nodiggity

Cash in: No hold weekend for me

NYSE:MPC   MARATHON PETROLEUM CORP
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!
Trade closed: target reached: Re-visiting another post on this stock. I hope you made money.
If you took profits before that weekend, good for you! This is a short week. I am not trading this week just because of lack of liquidity = more volatility than I need. Unless all the data coming in this week is fantastic, we are selling (SPY). In a broad market sell-off, my bearish plays would elsewhere. There are many overvalued stocks to pick from this week that will be shorted. So make your list, and check it thrice!
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