MPC has had a history of bucking the market. When SPX was down 2%, this was down 7%. When SPX was up 3%, this was up over 8.5%. This is a lower liquidity, higher play.
I am NEUTRAL on MPC . To be honest, I've put no money into for a long time. Money could have been made straddling the 2nd fib level, but the reaction to Brexit (not the market reaction to Brexit itself) has caused everybody to look at everything closer, and rightly so.)
Here's what we know: MPC is range-bound in the 2nd fib level. We also know it's good for a 8% pop or drop in a one session. Is that within your risk tolerance?? It's not within mine.
Conclusion: IF YOU DO NOT HAVE TO TRADE, DO NOT TRADE. I honestly would not look at this stock until after (July 28th). That will give the market plenty of time to digest new capital inflows from stock buy-backs, and allow for a reaction that may be based on technicals vs. fundamentals.
There is money to be made, but patience is a virtue. If you see something I don't?....Please share! I need to eat too...