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.