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.
Was this the speculative play you were talking about?
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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.
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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.
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Could you tell me at what price you shorted BOOM please?
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