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Sugar Daddy?

Posted by StockBuz on July 16, 2011 at 2:16pm
Sugar ETN SGG posted a nasty weekly reversal candle reflecting heavy selling volume - just as it did in February. No shares of SGG were available to borrow as of Wednesday. I am short /SG with an initial target of $23 [$85 in SGG]. Cover stop above last weeks high. If this is a top in commodities as GannGlobal has been touting we'll see much lower prices coming longer term. A long in CMD is one way to play commodity [agriculture] tops without shorting however I would caution this ETF as it is very thinly traded and therefore comes with a higher risk of obtaining a specific exit price.

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Tags: short-ideas, cmd, sb, commodities, sugar
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