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| Symbol | Sector | Return | Exposure | Trades | Last Trade | Status |
|---|---|---|---|---|---|---|
| POT | Specialty Chemicals | -7.12% | n/a | 4 | 11-Aug-08 | Prior Holding |
30-Jul-08
POT-ential short
Holding Rationale for POT.
There’s not much out there that looks good for shorting at this exact moment. That could change a few hours into tomorrow’s session, but right now I’m not seeing anything that I would feel comfortable shorting. That’s not to say I’m not seeing a lot of stocks that are overbought, as many are. However, I’m not ready to jump in the front of this impressive reaction-rally yet. The agriculture stocks could be potential short candidates, when this buying fades and here’s why.
A head & shoulders pattern has emerged, as I’m sure most technicians have already spotted. The continued move up may be slightly overdone because everyone is looking at the same obvious pattern expecting this stock to drop but it will probably fool everyone. However with weak volume and some nice resistance at the neckline shown above, we could easily turn lower should the market pause. These stocks are wildly volatile and in my opinion hard to trade due to the high ATR, but the risk/reward is starting to look tempting.
Tagged Stocks: POT
Posted at 20:28 in Holding Rationales | Permalink | Comments () | Top
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