As you know, MP Materials has been on my radar since 2023 and traded and held since. As noted in yesterday’s post, the media hype machine spread the word across the land that Rare Earth Elements and other critical minerals are, you know, bullish.
MSM, contrary indicator extraordinaire.
Anyway, if you are trading MP, you’ll want to pay attention to whether or not that was a double top at 82.50, called to perfection by CNBC. They no sooner informed the public, and then many related stocks took a hit. It’s almost as if some interests were looking to unload and needed dupes to buy.
Taking my tin foil hat off, I’ll just note the daily chart. It has the look of a double top and if it remains below the 50 day average (blue) and slips support at 65 it will get worse. RSI and MACD are just lousy, with a big negative divergence at the secondary high.
FYI, for anyone interested. I think I will get rid of my IRA shares because the profit is not taxable. Not sure yet what I’ll do with the taxable (original) shares. I may give it to support #2 at 59. That support is not shown here but that is the area of the 2022 high of 60.19, which was an all time high back then.
It’s time to understand “investor or trader?” because even a good investment can take some serious hits. With the weekly news cycle and its jawbones du jour, and the media in full eyeball harvesting mode, that goes double.
The silverbugs are calling for 200 silver and the crypto guys are talking about Uptober…I did some hedging too, maestro.
Well, good thing we have this site then!
Hi Gary
I am a subscriber to your website. I’m writing to say, although substack may suit may people, I don’t like it, Won’t be continuing my subscription via that format.
Sorry.
Nita Vasilescu