Wednesday, July 8, 2009

Bookkeeping: Covering Remaining Potash (POT) Short

I am covering the remaining portion of my Potash (POT) short from the mid $95s here in the $88s. [Jul 2, 2009: Bookkeeping - Closing Potash, Mosaic - Selling Short Potash] I am expecting a substantial countertrend bounce in all the 'reflation' trade names in the next few days. (stated that earlier but yet to come to fruition) Instead of going long Potash here (which is a way to play any bounce) I will try to catch the dead cat bounce with a sector ETF instead; again - just keep your eye on Freeport McMoran (FCX). When she goes, they all go. This group has been absolutely destroyed of late.

I will be interested in reshorting commodities on a rebound; but it's getting 'piggish' to short them after such a short term spanking. Let's revisit Potash in the upper $90s ($97/$98) perhaps (if and when)

No position

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