After brief indecision early in the session, stocks broke lower Wednesday. However, around 1pm ET the market reversed course, led by some of the stocks that had been beaten down most over the last few days. Although there has been some troubling, heavy action in the market, it still seems like investors are enthusiastic about buying dips. It will take more than just a feeble intraday bounce for the bulls to regain control, but with beaten down stocks repairing somewhat they got a good start.
A play from T3Live Virtual Trading Floor today was the agricultural stocks. We are long-term bullish on the sector, and the selling over the past week seemed to be overdone. Our favorite in the group, PotashCorp./Saskatchewan (POT) continued to get slammed this morning, but Marc Sperling of T3Live.com targeted the $165 area (at the 50-day moving average) for a buy. The stock fell just below that level through $164 before rebounding to above $172 and close green on the day.
For more commentary on the trading day, watch Scott Redler’s Daily Recap below.
*DISCLOSURE: Scott is long AAPL, GLD.
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