Jeff Macke Buys Agrium: Could this be the Bottom for AGU?

Jeff Macke is a pimp, one of the few reasons to ever watch CNBC's Fast Money and the reason to read Minyanville.com.  Today Macke talked about how crappy Agrium's (NYSE:AGU) latest quarter went and going forward -- it looks just as bad.  But when everyone is selling, Jeff is Buying, and that's why we are considering picking up shares as well.

The Full Story is Here: http://www.minyanville.com/articles/CHINA-ms-LVS-wfc-agu-sds/index/a/22566

What we care about:

The latest victim is Agrium (AGU), which reported this morning. The company missed, guided lower and generally stunk the joint out in every way imaginable.

Reading the headlines, I put the over-under on the stock drop at 10%.

When I pulled Agrium up and saw it down a buck, then recalled that I had cash on hand from flipping some banks and casinos, it was time to get long some Agrium for the first time in my trading life. Short of announcing company-wide fraud or a secondary that doubles the float, there simply isn’t much worse the company could possibly say.

My bet is any and all “reasonable” bad news is in the stock. For those who enjoy playing along with, or taking the other side of, Macke: My stop is an even $40, my higher target is undefined, my entry point is $45, including commission, and I feel more naked than Madonna in that metal book telling you all of this.