This was one of the hedge funds largest holdings so many of the previous holders should be out of the stock by now...
I'm taking it from a 1.1% stake to 3.5% of fund, buying just over $59. If the market falls off the ... ahem... pot, we'll cut back around $55 since the double bottom will obviously be no longer there. This is a buy on technical condition alone.
Please note these are my first long side purchases in scale for many weeks, coming from a position of heavy cash. I've also cut back short exposure significantly on that first thrust down to below S&P 780 as my target of 2002 lows of 770 was close enough. If we breach back below to 760s I'll pay "up" to get some short exposure but some of these Ultrashorts are up 50-80% in over a week. I've layered into some Ultra Russell 2000 (UWM) for a trade as well (i.e. I'm bullish for a trade)
Long Potash, Ultra Russell 2000 in fund and personal account
