The Trend is Your Friend

Today my daughter is not feeling too well, so we have decided to keep her home today. With that, last night I was able to scour the financial marketplace for some stocks that I wanted to get long in. One stock that has continued to intrigue me for many weeks has been Potash Corp of Saskatchewan INC. (POT). This company is a Canadian play on the fertilizer market and has been up tremendoulsy YTD and has wild swings, which has made me hesitant to pull the trigger on a trade. It's not uncommon for this stock to gap up and/or down 4-5 pts. In May 2007, there was a 3:1 stock split and now the price is hovering in the 70's. I finally decided to go for it and put a limit order this morning for $75.00. Just so there is no confusion, I personally believe this stock is good for a quick pop if I can get in at this low price and will look to sell in the 80's. I'll cross my fingers and see if this trade works. As I am posting this the stock is trading at $77.70 after reaching a high of $78.80 and sporting a low of $76.41.