The Brexit sell-off has taken the MOS (the Mosaic Company) Growth & Income Trade down to the first of two significant support levels. At this point, the suggested stop will be on any close below 23.70 (orange line).
MOS daily June 28th
This update on MOS was prompted by a inquiry on the MOS & POT trades from member @ixtlanian in the trading room today, my reply below:
Yes, they both are at or just above key supports. I’ve been watching them as they are both still Active Growth & Income Trades and I own both in several long-term accounts as well.
My preference (assuming that I didn’t already have a position) would be to wait to see if the market’s negative reaction to Brexit proves to be fleeting & the market shows signs of stabilizing over the next week or so. However, for someone with a bullish outlook on the market, going long here at support with a stop not too far below certainly seems objective although again, I wouldn’t do so primarily because of my intermediate & longer-term bearish market bias.
As MOS & POT are the only two Active GR & INC trades right now, I’ll post an update with the support levels that I’m watching along with updated suggested stops. Thanks for mentioning those & g-luck if you are currently long or plan to go long.
note: For archiving/tagging purposes , the POT trade will be updated in a separate post to follow shortly.