Volumes have been consistently high with the average being around 4.1 million shares. The 52 week range of POT has been relatively narrow with the low /high being $36.73 and $46.16 respectively. $37 provided support and it has been stable over the last two days. $37 has provided support to the stock on numerous occasions over the last few years and it is important that it holds. If it fails, the cut could be a little deep. However, the volumes over the last two days have been much lower indicating that the recovery is still not convincing. The fact that it is trading below the short term averages at around $40 confirms the weakness in the stock. The P/E is above 16 and price to sales is little high at 4.45. The forward P/E is less than 12 but the growth is possible only if the prices of potash support. It has to be seen over the next few quarters whether the company will be able to maintain its profit margins. There were some indications of a squeeze in margins with 38% drop in net income in the last quarter on a sequential basis. The long term charts indicate a steady decline in stock price from the $62 level achieved in early 2011. The all time high ($76) coincides with high commodity prices prevalent in June 2008. Expected stability in potash prices due to increase in export orders from India & China, US demand, declining inventory etc. is likely to provide some stability to the stock. POT should remain on the lookout of interesting assets for acquisition as these depressing times sometimes lead to great deals. Development stage companies like Passport Potash (PPRTF), are looking for strategic partners to speed up the development process. POT should look at assets which are better for improving its strategic position in the long term.