Tuesday, February 19, 2008
Market Runs Out Of Steam?
The market fed off of a strong week prior to open today. The strength turned into weakness as the day progressed and oil topped $100 a barrel. Many things are still working in a market that has 100+ point swings almost every other day it seems. For example, I am still shorting SHLD, and am now long all of the agriculture and seed stocks like Potash Corp (POT), Mosaic Corp (MOS), and Monsanto CO (MON). These stocks will see plenty of growth outside of the USA this year. Also, I am counting down the days until the earnings release of SHLD. This release should take the stock down further unless it trades down a good 5-10% this week before the release. Either way, staying on the short side of this company has made a profit. We have been short SHLD since around $102.
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