keithw- MCP looks fine, yesterday it was down, but it was just noise.  Technically the daily looks fine, but the 15 min is getting a little overbought.

remember that MCP just broke a long downtrend line, and typically when stocks or indexes break long downtrend lines like that, you first get a good move up, but then you get consolidation.  therefore I would not be surprised to see MCP enter some chop soon.  Remember you have options and so time is important. 

I have posted a chart, MCP is testing a horizontal resistance around the 33 area and there is a gap to fill above.  the gap and the 200 day MA would be some of my price targets.  However I would also not be surprises to see it chop around in here at this resistance.   I also like AVL and REMX as plays on the sector.  but again otherwise the chart of MCP is fine, NOTHING has changed with MCP or the rare earth stocks since I discussed it last week and over the weekend.  

However the thing is, I have no idea what options you bought, what price, what strike, and when you bought, so it's hard to help you with that without knowing specifics.  

MCP looks good, but remember that it's extremely volatile.  Personally I either trade a large positions short term, but if I try to swing trade it, I take only a small position because I find that I cannot stomach the moves otherwise.  I like the long term possibility of rare earth stocks, playing them for long term requires a lot of patience and something that is probably not suited well to options since they expire, you hav a time element, you have to worry about premium etc.  

member zach here may be able to offer some option strategies for MCP, since he mainly trades options, something that I don't do a lot of and he has a lot more experience with that. 

I like REMX ETF for the sector since it's not as volatile and you have a good place for a stop at the recent Mar lows