Potash On the Rebound
Stock at nearly $160 and counting.
Greetings from the NASDAQ Market Site where the conditions could be described as "sultry," even when you adjust for the presence of Melissa Lee and Guy Adami. Here's what I'm watching as I count down to the 6pm trip to Margaritaville.
- McDonald's (MCD) is trading smack-dab at the $60 level the previously mentioned sultry man has been forecasting as an entry point. I'm not biting but I can think of 5 or 6,000 worse names and levels to start scaling into here.
- For instance, Potash (POT), which traded within 6-bits of my verbalized $145 stop level before rebounding to nearly $160 and counting. The good thing about getting to know how a name trades prior to putting money to work (eg: babbling about it constantly in print and on-air) is that it's simply good discipline. The bad thing is, well, it would have been nice to be selling out of a 10% day-trade now rather than just talking about it.
- KKR is going to buy Lehman (LEH) now, eh? Only on a late-summer Friday could such a rumor get play. KKR, which is in the process of converting to a partially public model via a deal more mind-numbingly complicated and misguided than string theory physics, needs to take on Lehman's woes like I need to put on 40lbs and start growing out my hair on one side to develop a combover.
- The Giants winning by a bettor-friendly spread came as little surprise to those who follow such things. Super Bowl champs win their opening games next year by "surprisingly comfortable margins" at a statistically meaningful rate. The good news for Boston-haters is that Super Bowl losers traditionally open weaker than a Meg Ryan movie.
- Speaking of Boston, I spent much of my morning email-stalking Becky Quick over her Bon Jovi interview. Certain bands form the soundtrack for periods of my life. Pearl Jam = B-School. Rob Base = college. Bon Jovi = awkward early teen years. Sadly, Mr. Jovi ("Bon"?) either didn't get the message from Becky begging for a shout-out or ignored it. Or maybe he's long crude. I didn't break the market, Jon Bon, I'm just here to tell you about it.
- Have I mentioned Potash lately? For what it's worth (eg: nothing), I'm looking to take 1/2 my imaginary trade here at $160 and book the rest at the close, even if that feels too early. And I'm going to spend my imaginary profits the way Mr. Spicolli spent
his reward money (hiring Van Halen for my birthday party, as mullet-sporting hockey playing 80's teens couldn't live on Bon Jovi alone).
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