Medical Marijuana Inc (MJNA)

[nopancakemix]

Definitely Not In the Charts
The fall from .50 to .095 was in the charts. The parabolic rise to .50 was due to fundamental hyping and was clearly unsustainable. There were gaps at .18, .12 and .09, all three being levels where MJNA briefly stopped as the stock declined over the past few months. Each level was in sync with Fibonacci retracements. I posted those numbers back in March when MJNA was at .35.

But Fridays rip was totally fundamental. Gupta's reversal was mostly unseen, rattling the cages around the MJ concerns, and the rumors of a reform speech from Holder tomorrow are spinning the wheels. Who knows where this leads to but technical analysis has nothing to do with it at this point.

I probably won't watch Gupta's special since there isn't much that he can say that hasn't already been endlessly discussed here, amongst friends, on other media....but the national exposure is great. Coupled with the Eric Holder rumors, the excitement is here momentarily, perhaps too much.

MJNA needs strong, informed shareholders not pumpers, bashers, pie-eyed numbers projections. The .05 projections are based on regurgitated opinions back by zero financial numbers. And the 235pps projections are based on even less credible analysis.

But the industry is emerging, exciting and seems to be heading in a good direction for long shareholders.

The optimistic side of me wants to think there is a perfect storm brewing here:
Gupta's reversal and the mainstream publicity
Holder announcing reform to marijuana laws
Q2 EARNINGS COMING OUT THIS WEEK

But we all know the adage "buy the rumors, sell the news".
I have tempered expectations for this week but things are heating up.