Almost every Monday morning of the past year and a half we open strongly to start the week; just my luck the one time I want to play the nonsense trade it does not work. Darn Europeans and their bank issues.
Last week's euphoria stopped me out of the 2 remaining individual shorts I had so I am going to take a stab at Monsanto (MON) which has bounced back with the market, after its earnings "narrowing" of guidance. It has filled the gap upward, and now sits right below the 50/20 day moving averages. This is a binary outcome - either it is going to break through or not.
I've shorted with a 2.4% allocation at $56ish; my stop will be over last week's highs i.e. $57.50 - which would trigger a loss of less than 3%.
Short Monsanto in fund; no personal position
Best Of FMMF
- 1: Warren Buffet Piles on Europe
- 2: [Video] Jim Chanos Returns from Europe, Even More Bearish on China
- 3: A Chart to Open Our Eyes - Staggering Changes by Multinationals in Employment Behavior 00s vs 90s
- 4: Futures Blasted on Dexia Woes... and Poor Preliminary China Data
- 5: Market Working to Worst Thanksgiving Since 1932
- 6: Et Tu, German Bonds? Poor Auction Raises Eyebrows