Today is the first day I'm combining stock pick updates along with overall market analysis for the day, and dubbing it "Market Tracker." Today Potash went down. It continued yesterday's slide, but recouped all of the early losses to come out flat after gapping down to start the day. This is a very strong bottoming position, and Potash will probably begin the ride up tomorrow. I didn't expand my position however because it is already large and I don't want to put all my chips in one basket. My friend, with much more experience than I professes the opinion here that the market has entered a "run away" situation and will continue riding up on low volume towards a top. I think it is very possible and she has quite a good track record. Because the rules are pretty much thrown out the window at this point, with the bull market continuing upwards with no sense of reality, we have to change our game plan. I'm going to stick with my position in Potash because I think it has a lot of potential, but I'm not entering any other positions. I'm going to sit on cash [once again, POT excepted] until I see a strong bearish formation backed with market-changing fundamental news. So for now, we'll ride the market up, but with very little money at stake and every caution heeded.
Disclosure: long POT