Wednesday, March 12, 2008

Today's Trade: MON

I took a small short position in MON today, shorting 150 shares at $108.53. As noted in my previous posts, distribution has taken over ag related sectors and MON is taking the lead in this phase.

I have yet to see a strong price move coupled with strong volume, which leads me to believe yesterday's bounce was due to short covering. I may have entered a bit early, since we are still a few points away from moving average resistance. However, I do not want to miss the next leg down.

4 comments:

Vinay said...

Was this the speculative play you were talking about?

AJ said...

Hi,
Regarding your BOOM trade yesterday, I'm assuming you went short. But I'm wondering below what level. Below 42.50 perhaps?
Thanks,
AJ.

The Market Speculator said...

No, MON was not the speculative play. I will have a post on it later today. I'm betting against oil with DCR.

AJ: You guessed right. I am short BOOM.

AJ said...

Could you tell me at what price you shorted BOOM please?