Beaten down Potash Corp. POT has been screaming to the upside in early trade. The stock, which had been down more than 3% in the pre-market, is now down just 0.19% to $53.06.
Potash has been really hit hard over the last week or two, but this price action is very impressive and could mean a bottom is in for the name. A number of other material stocks are tearing to the upside as well.
The Federal Reserve will release its FOMC statement today at 2:15 EST and it looks like the market may be pricing in more easing as we speak.
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