Bookkeeping: Cutting Intrepid Potash (IPI) on Quick 25% Gain

I have to say this stock surpassed my expectations - after reviewing Interpid Potash's quarter, I had a general target of $3 EPS for 2008 (analysts at $2.18) x 20 PE ratio = $60 price target, when I added this stock a week ago Monday [Jun 2: Beginning Starter Position in Intrepid Potash]. I bought in the $48s and was hoping for $60 by sometime later in the year... that would of returned 25%. Well we got this in a week and a half, so I am booking profits and saying "wow". (I didn't get the $60, but sold around $59)

Can it keep going up? Certainly! Low share counts in recent IPOs allow for wild swings, but (a) I got my 6 month target in a week and a half and (b) I prefer the valuation in Mosaic so I'll just add more exposure there if need be, as my target for Mosaic in terms of price per share is much higher.

I have brought Intrepid Potash (IPI) back down to a very minor stake from 1.8% to 0.25%. We'll look to add shares on a pullback, and say thank you for for this nice quick gain.

Long Mosaic, Intrepid Potash in fund; long Mosaic in personal account