I don't want to get overly excited to be a bull here, but for the time being, I think yesterday could be a key swing low.

Last week fertilizer stocks all surged in unison after the world's largest mining company BHP Billiton (NYSE: BHP) tried, and failed, to acquire the world's largest potassium company Potash Corp. (NYSE: POT).

Right now, there's only one company in the sector that's still (relatively) inexpensive. More on that company in a minute…

First, a little tooting of my own horn: just over a month ago, I recommended you pick up shares of another fertilizer company (now the second largest) -Mosaic Co. (NYSE: MOS).

Here's what I said on July 22:

You've no doubt heard about the wildfires ravaging Russia's countryside. These fires have seriously impacted Russia's wheat harvest, and have sent wheat prices soaring around the world.

This morning, mining company BHP Billiton (NYSE:BHP) offered $39 billion, or $130 a share for the world's largest fertilizer company, Potash Corp of Saskatchewan (NYSE:POT).

Marijuana is going to be effectively legalized in the not too distant future. Twelve states have already decriminalized possession of small amounts of marijuana, and I fully expect that number to inch closer to 50 in the coming months and years.

I'm not a fan of marijuana (I'm more a beer or whiskey type of guy) but this e-letter is not the venue to discuss the relative merits or morality of recreational drug use. Suffice to say that I was at one time a university student, and like our President, I did inhale, because that's the point...

I've had many debates with my wife (a substance abuse counselor) on the dangers, or lack thereof, associated with chronic marijuana use - and at this point we've agreed to disagree. I'm of the mind that what you do in your home is your own business, so long as it does not impede my freedoms in any way. Smoking pot is surely bad for you, but so is watching TV, eating red meat and smoking cigars, but I see no reason to throw people in jail for those actions either.

God forbid someone gets it into their mind to outlaw knocking back a few Sierra Nevada Pale Ales or I'll become a criminal too.