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Even though many industry groups are overextended, it is possible that the major averages can continue higher as one group gives up leadership and another takes over. This has been referred to as a "rolling correction." One industry that has been lagging badly is the Fertilizer and Agricultural Chemicals sector, as it is back to multi-year support. No signs yet of a bottom, but one of the leading stocks to watch is Potash (POT), which has reached its weekly uptrend. The 200-day MA is at 105.
