Bigger Picture
The Universe, week of Sep 14 2015… Statii quo.
[Note: I publish “The Universe” every weekend, updating my support and resistance calculations for Marijuana sector stocks. It is not a projection, but a handy reference… Non-Marijuana stocks are covered elsewhere during the week.]
What we refer to as the cannabis sector is probably too diverse to qualify as that. Perhaps each of its components offers a way to participate in its gradual legalization, medcinalization and/or acceptance. The influences on each segment can be very different.
Regardless, none of the segments registered any meaningful change last week. Usually, there is some standout, whether for better or for worse. But the ongoing declines have slowed, and the rallies have all but halted. That’s not in itself a buy signal or a sell signal. In either case, the next issue or segment to start moving will be that much more obvious.
| Marijuana Stock Universe for September 14, 2015 | |||
| Reference this table during stock reactions | |||
| 4-week | # up: | 7 | 6.86% |
| trends* | # flat: | 16 | 15.69% |
| # down: | 79 | 77.45% | |
| *The percentages of stocks rising or falling over 4 weeks. | |||
| symbol | support | resistance | 4-week trend |
| ACGX | 0.000 | 0.003 | down |
| AERO | 1.000 | 1.950 | down |
| AGTK | 0.000 | 0.009 | down |
| AMMJ | 0.125 | 0.272 | down |
| ARNA | 2.410 | 3.320 | down |
| ATTBF | 0.035 | 0.075 | down |
| AVTC | 0.000 | 0.400 | down |
| BLOZF | 0.130 | 0.340 | down |
| BLPG | 0.015 | 0.086 | down |
| 0.520 | 0.610 | down | |
| BRDT | 0.012 | 0.048 | down |
| BTFL | 0.071 | 0.232 | down |
| CAFS | 0.001 | 0.011 | down |
| CANL | 0.059 | 0.900 | down |
| CANN | 0.330 | 1.160 | flat |
| CANV | 0.860 | 1.640 | down |
| CARA | 18.300 | 23.550 | flat |
| CBDS | 1.630 | 2.660 | flat |
| CBGI | 0.000 | 0.005 | down |
| CBIS | 0.020 | 0.041 | flat |
| CGRW | 0.360 | 0.610 | flat |
| CHUM | n/a | n/a | down |
| CNAB | 0.320 | 0.750 | down |
| DEWM | 0.001 | 0.003 | down |
| DIGP | 0.170 | 0.400 | down |
| DSCR | 0.000 | 0.025 | down |
| EAPH | 0.009 | 0.015 | down |
| EDXC | 0.019 | 0.047 | down |
| ENCC | n/a | n/a | down |
| ENDO | 0.006 | 0.018 | down |
| ENRT | 0.017 | 0.037 | down |
| ERBB | 0.003 | 0.006 | flat |
| ETST | n/a | n/a | flat |
| EXMT | 0.000 | 0.004 | up |
| FITX | 0.002 | 0.006 | down |
| FSPM | 0.000 | 0.250 | down |
| FULL | 3.060 | 3.660 | down |
| FWDG | 0.000 | 0.002 | down |
| GBLX | 0.270 | 0.460 | flat |
| GRCU | 0.000 | 0.004 | flat |
| GRNH | 0.023 | 0.067 | down |
| GWPH | 101.550 | 132.000 | down |
| HEMPD | 0.050 | 0.107 | down |
| ICBU | 0.000 | 0.003 | down |
| IGRW | 0.000 | 0.002 | down |
| IMLFF | 0.100 | 0.180 | down |
| INCC | 0.000 | 0.002 | down |
| INSY | 30.780 | 39.600 | down |
| ITNS | 0.001 | 0.005 | down |
| KAYS | 0.067 | 0.187 | flat |
| LATF | 0.000 | 0.001 | down |
| LXRP | 0.098 | 0.205 | up |
| MCIG | 0.035 | 0.074 | down |
| MDBX | 0.090 | 0.140 u flat | |
| MDCN | 0.000 | 0.001 | down |
| MDRM | 0.016 | 0.051 | flat |
| MINE | 0.000 | 0.003 | down |
| MJMD | 0.000 | 0.015 | down |
| MJMJ | 0.000 | 0.001 | down |
| MJNA | 0.041 | 0.055 | down |
| MNTR | 0.507 | 0.928 | down |
| MSRT | 1.420 | 2.290 | up |
| MYEC | 0.010 | 0.015 | down |
| MYHI | 0.013 | 0.188 | down |
| NDEV | 0.016 | 0.053 | down |
| NMUS | 0.620 | 1.600 | down |
| NRTI | 0.000 | 0.002 | down |
| NTRR | 0.022 | 0.046 | flat |
| OGRMF | 0.208 | 0.337 | down |
| OSLH | 0.000 | 0.001 | down |
| OXIS | 0.015 | 0.027 | down |
| PHOT | 0.010 | 0.030 | down |
| PLPL | 0.109 | 0.177 | down |
| PMCB | 0.080 | 0.129 | down |
| PNTV | 0.001 | 0.007 | down |
| PZOO | 0.004 | 0.008 | down |
| QEDN | 0.000 | 0.003 | down |
| REDG | 0.000 | 0.003 | down |
| RFMK | 0.000 | 0.002 | down |
| RSSFF | 0.030 | 0.100 | down |
| SING | 0.005 | 0.012 | down |
| SKTO | 0.000 | 0.004 | down |
| SPRWF | 0.082 | 0.165 | down |
| SRNA | 0.100 | 0.185 | up |
| STEV | 0.049 | 0.072 | flat |
| TAUG | 0.000 | 0.005 | down |
| THCZ | 0.051 | 0.013 | down |
| TRTC | 0.100 | 0.165 | flat |
| TURV | 0.710 | 1.11 | up |
| TWMJF | 1.100 | 1.380 | down |
| UPOT | 0.080 | 0.270 | down |
| USEI | 0.000 | 0.003 | down |
| VAPE | 0.088 | 0.275 | down |
| VAPR | 0.000 | 0.050 | down |
| VGPR | 0.000 | 0.002 | down |
| VHUB | 0.024 | 0.045 | up |
| VPCO | 0.400 | 0.840 | down |
| VPOR | 0.000 | 0.001 | down |
| WDHR | 0.000 | 0.002 | down |
| WOGI | 0.005 | 0.013 | flat |
| XTRM | 0.001 | 0.004 | down |
| XXII | 0.085 | 1.100 | up |
Saturday Review’s recording (for 9/12/15) … Stability is not strength.
Another week gone by without resuming the decline. Intraday swings are narrowing, albeit still well beyond the norm. Price still hovering at the upper-end of the crash’s reaction. So, the bear market is done? Probably not, and there are two paths to resuming it. Meanwhile, this week offers several catalysts to keep volatility alive. Details were discussed during this weekend’s Saturday Review, linked below.
The following stock requests were reviewed in this order:
BABA, GMCR, YHOO, NFLX, AMZN, AAPL, BT, CSCO, GLUU, MU
09/12/2015 09:31:47 David B: good morning
09/12/2015 09:32:00 Charlie: !Ola!
09/12/2015 09:32:26 Mark Glezer: gm
09/12/2015 09:45:25 Mark Glezer: is 1695 projected regardless of a potential break higher first?
09/12/2015 09:49:52 ljr: any clues for fed this week?
09/12/2015 09:53:19 ljr: and opex this week (prob too early to tell)…I will listen to recording
09/12/2015 09:55:33 David B: this is a strange week for the wed ex. jewish holidays mon and tues and fed decison on thursday. how do you think big money is positioned and would there be a higher probability of an inverted wed ex say on friday?
09/12/2015 09:55:36 MK: so basically chart is broken, but a lot of participents don’t know it yet
09/12/2015 09:55:56 MK: participants
09/12/2015 09:56:06 MK: pardon my spelling its early
09/12/2015 10:02:29 MK: yes
09/12/2015 10:02:30 MK: yes
09/12/2015 10:02:45 Mark Glezer: what gap would u like to fill?
09/12/2015 10:03:16 Bill G: Do you think we may be close to a change in mkt leadership? P erhaps energy, oil , commodities?
09/12/2015 10:03:52 David B: just curios what level would indicate a trend change to the upside?
09/12/2015 10:06:12 Mark Glezer: headlines scream $20
09/12/2015 10:09:39 Mark Glezer: BABA – agree with 50% drop suggested by Barron’s?
09/12/2015 10:13:03 David B: GMCR,YHOO
09/12/2015 10:16:01 Mark Glezer: yeah
09/12/2015 10:30:28 David B: NFLX,AMZN
09/12/2015 10:32:34 Josey: GLUU, MU
09/12/2015 10:32:50 Mark Glezer: can u actually ignore the spike with a flag?
09/12/2015 10:42:38 Rod David: m r: Following your comments on the inter-market comparison: Does that make NDX more vulnerable to even greater downside (as compared to the general market)?
09/12/2015 10:43:10 Mark Glezer: NFLX maybe
09/12/2015 10:43:25 Mark Glezer: no
09/12/2015 10:43:37 Mark Glezer: yeah
09/12/2015 10:43:39 Mark Glezer: k
09/12/2015 10:43:54 Mark Glezer: thx much
09/12/2015 10:44:13 David B: thanks
09/12/2015 10:45:02 Josey: TY
Login links to Saturday Review
Be sure to join us at either link below by 9:30am ET for this weekend’s Saturday Review.
For all of its gyrations, last week’s range developed entirely within the prior week’s range. So, what information could it provide? Plenty, plus that only puts the market closer to resolving its range. We’ll discuss the bigger picture, and then review any stock charts that you request.
Livestox recording
Friday’s Livestox recording is below, and the stocks we addressed in order follow that. Please don’t hesitate posting follow-up questions to this blog post’s thread.
BABA
GPRO
RIG
CLF
TWTR
NFLX
FEYE
SIVB
FB
INSY
AAPL
GOOGL
BIIB
AMZN
CARA
TRTC
GWPH
SRNA
VAPE
CBIS
Daily Spot… Not-so heavy metals.
A daily summary of high-profile members of several complexes… View a more detailed discussion of each chart at the end of today’s Market Wrap.
Eurodollar Sep Contract (EC, ETF: (FXE, UUP))
Firming further into the weekend provided a second consecutive higher close to confirm Thursday’s breakout. The minimum objective is at least an eventual third higher close. That’s likely to include a visit to prior highs above 1.1700.
Gold Dec Contract (GC, ETF: (GLD))
Thursday’s gap up was inappropriate, making a fresh low likely to test 1098.40. Friday’s 1097.70 lows fulfilled the objective, but reacted up only to test the 1103.80 prior low close without closing decisively above it.
Silver Dec Contract (SI, ETF: (SLV))
The long-awaited gap fill back down to 14.35 was fulfilled Friday. Probing under it by a dime reacted back up to 14.50, too shallow to signal momentum reversing up.
30-year Treasury Dec Contract (US, ETF: (TLT))
Gapping up Friday wasn’t likely to extend while the gap back to Wednesday’s 153-12 opening gap remained unfilled. Wednesday’s recovery high did hold Friday’s temporary probe above it.
Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Thursday’s recovery from Wednesday’s fresh low was retraced somewhat overnight, and needed to close higher Friday to confirm the recovery had dodged a steeper decline.
Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Friday’s bounce back to the narrow range’s upper-end didn’t close above its resistance, greeting the weekend with no trending underway.