Members will recall that initially, last week, we were looking at Monsanto Company (MON) as a possible pocket pivot buy, and sent out a Pocket Pivot Review (PPR) alert on August 29th. Later in the day we wrote a follow-up alert titled, "JVA Clears the 50-dma MON Fails." In that we wrote "At first glance this has the look of supporting action on the day, but that is not entirely clear as the stock could also turn out to be shortable at current levels using the 50-day moving average and/or the high of today as a quick stop. Conceivably, one could short MON here on that basis, surprisingly enough, proving that as the evidence shifts in real-time, one must shift with it."
As we see in the daily chart below, MON busted to the downside from there and is now testing the early August low at around 63 and change. This is a potential short-term cover point as it undercuts the 63 area.
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