Hey John, I think there's something wrong with my computer monitor. All of the arrows and numbers next to my pot stocks are green...and I'm pretty sure they're supposed to be red! I may have to pull out my owner's manual and color calibrate this sucker.
Went long on OrganiGram yesterday...mostly on a hunch/hope that after this severe sector-wide drop some of these MJ stocks might be approaching oversold in the near-term. Most of the technical indicators I look at were screaming "NO! Don't buy here, you idiot!" but I went ahead and got some anyway. There's a fine line between courageous aggressiveness and reckless stupidity so time will tell if I crossed it this time...LOL.
Not sure if today was just a quick bounce before we continue heading downward or if the pot stocks will begin to level off somewhere around here for a while. So many of them rocketed upward in late August with little or no pullback...and what goes up with no resistance often comes down with no support. I wouldn't mind it at all if we started trading flat in this range for a spell...a little consolidation to build up some support levels would probably be healthy for the sector after doubling or even tripling in just 3 or 4 weeks and then getting sliced by a third to a half in barely one.
I'd feel a lot better if some of these pot stocks had at least one or two green Heikin-Ashi sticks but all the ones I've looked at so far today are still bearishly red so I think caution here remains prudent. I'm also concerned what the broader market might do...
Anyway, I'm now sitting on 2 of the most heavily shorted stocks in the MJ sector...CannaRoyalty & OrganiGram. They say misery loves company! One good thing about being a pot investor/speculator...when somebody whines "My DJIA and S&P 500 stocks dropped 20% in only one week!" we can look at them and say "Ha! Is that all???".
Anyway, is was a good day to be a steely-eyed marijuana man. Let's see what tomorrow brings.
PS Think you're gonna like swing trading once you move to Norcal. I am discovering there is a certain amount of freedom that comes with popping in and out of stocks at will rather than being tied down to them for the long haul. I'm not a big player like you are...just a small-time hack doing it mostly for the sheer fun and pure challenge of it. Pretty sure you would enjoy it a lot and be very good at it.
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