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CNBC talking about marijuana stock pop. If's a touch one, buddy. Not sure you'll see a pullback or not. I'd jump in and have a stop-loss in mind at a lower level, as applicable.
Wouldn't put cart before the horse, but this is a great start!!! Need to work out a model for banks to get involved, retail stores, and open the decriminalization for bug companies to jump on board (supplier, vendors, etc.).
Agreed w/ PRs. Appreciate the comments, buddy. #humbling
Glad folks stopped from buying the gap and loaded on the 7.57 area - before the news. Love it when people make $$$$
Many may not know what Sessions stood for and why it benefits marijuana. Once all the shorts cover it'll push the buying even higher.
Sorry if that came off aggressive in any way, buddy. Shorts going to try and prevent covering going into power hour.
We'll need to monitor the post/pre market action. Can't imagine this is 'sell then news' material, but could be the event needed for shorts to cover.
Don't get too emotionally tied to the news. Keep an eye on Time and Price.
Potential Gap and Run tomorrow.
News should carry marijuana much higher after-hours.
Awesome. Glad you saw my 7.57 call and took advantage of the RUN
That PR didn't do it, Jeff Sessions Resignation did it.
Jeff Sessions RESIGNED!
There's the pop I was referring to in my previous posts.
Cannabis just popped across the board. Big Money or a fake spike. We'll see.
Conservatively, like to remain above 7.54 / 7.57. The 7.70 area seems unrealistic at this point, unless there is sector news / event. Just being logic.
Thant 7.57 area is a key area for me to turn into support.
Maybe intraday (7.77 recent high), resistance at 7.66.
Thanks brother. Loaded up in that area. $ACB has legs.
Here we go. 7.57 push and hold...
Farm Bill requires working rules (per Reps.), of which, Dem's won't consent towards with votes. It could be passed through without the 'working rules', but we'll need to see how the Farm Bill shapes up in the coming weeks.
7.57 remaining resistance; break and hold - price will want to go higher.
Load here 7.57 (as it holds)....stop-loss 7.40
Potential for 7.13 if 7.39 can't hold support.
Congrats to those who took profits on the weak fading gap. Just like going public (in my opinion) there was too much FOMO leading up to the election. That can be said for the whole sector (FOMO that is). This is why I said to hold on buying the gap. Just a classic 'gap and trap' on news. New money buying into selling pressure.
Now just need to find stability for re-enter for adding more shares to a scaled-out position (unless you sold all and looking for new scalping of shares).
Thanks to those replying to the previous message (attached) through PMs, etc. Hope you sold on the 'sell the news' this morning gap.
7.68 remains resistance... as media and press releases pump of the hype for cannabis and the mixed election outcome with N.Dakota voting against and Michigan voting for recreational marijuana.
Personally, the cannabis sector built-in the potential pricing of both states voting yes. Regardless, of the outcome, cannabis is certainly here to stay - now just depends on how long does it take for banks and retail shopping stores to join the party...? That's when things get HIGH (pun intended).
Canopy Growth continues to be the most loved cannabis stock and perhaps the most beneficial to medical marijuana purposes; especially with Missouri's intentions to enter the space legally. $ACB needs some TLC.
Relief bump this morning. Gap-up is suspect. May want to wait for pullback to yesterday's close, if you're being conservative. Make sure these levels hold before initiative any new positions.
Futures gapped up at 3am ET and took everything with it. Keep that in mind, as most stocks are not up because of strength. Don't chase the price.
Yes for an initiative, but Michigan was the main focus than N.Dakota.
Michigan = Yes; N.Dakota = No too legalize marijuana. Missouri = Yes for medical marijuana with 4% tax.
As long a bipartisan bill to protect legal states from federal interference isn’t held hostage for political purposes, than I’d agree with that statement. All depends on how the sides work together or try to ruin each other - despite being elected to lead the country to prosperity, protection, and freedom.
Thanks buddy! Would like to see the new house to legislate for the good of the economy and protection; instead of making their own agenda. I expect Dems wanting to heavily propose bank regulations, proposals for tax reversals, etc. This could put significant strain on businesses guidance moving forward with earnings.
Futures almost negative now.
Recovering... POTUS agenda should remain status quo with Senate control and veto power.
Dems take House; Futures rolling over. Cannabis may have some obstacles here in the U.S. moving forward. We’ll see...
No worries. Have good night.
Today gapped on earnings and it was a sell signal at the open. I pay no attention to whether or not an individual shows up on a board. Markets are bigger than one person.
I took profits on the open and bought at the close. Always have a game plan
Non-one can answer that absolutely. I suspect resistance at 7.65 caused some to potentially panic (with potential risks of holding overnight into the mid-term election and Michigan vote), caused some to loosen their grips.
When price dropped some may have assumed to take profits off the table or to put cash on sidelines until results are final.
Short-term 6.76 needs turned into support; major resistance remains at 7.25.
Major trend is down; minor is up. Support 6.25.
Profit taking into the close due to uncertainty of mid-term outcome and the run-up of news (results). Any hints of panic - cannabis could see a hit, so keep that in mind to act quickly, as applicable.
Michigan is the state to watch out of the four!
Earnings coming up on the 8th.
Always scale out of positions to protect profits; especially when uncertainty is in play.
Good luck to all!
Certainly. Rubber band stacks on that spike.
Strong buying pouring in.
Above 6.75 with continuation gets NIO moving! Must hold that level as support.
Enormous Call Options @ $8 & $10 (expiry Dec 21st).
Reversal in play... Need 6.67 as support (and hold).
6.60 holding support; consistent loading.
Out of correction territory; here we go.