Bubble 3.0 is in full swing.

Two year returns off the bottom in June/July 2006 for five fertilizer stocks.

Agrium (AGU)  426%
CF Industries (CF) 1214%
Mosaic (MOS)  1048%
Potash Corp (POT)  783%
Terra Industries (TRA)  829%

Returns over the past 16 trading days

Agrium (AGU)  38%
CF Industries (CF) 39%
Mosaic (MOS)  42%
Potash Corp (POT)  28%
Terra Industries (TRA)  45%

No mania here.

I own Potash Corp.  I am a seller.