Bigger Picture

New highs! S&P futures are indicated to gap up above all prior highs. That introduces an interesting timing influence into the picture. Greeting the new week with extreme sentiment is often a sentiment extreme. If not topping or already reversing down through the open, then that extreme sentiment can persist through the day.

I”ll comment after the open on that developing picture, and on several stocks of interest, in this thread in the Activity Feed. Look for an announcement for Livedesk later.

Links to || Last week”s Universe || Prior week”s Universe || Previous week”s Universe ||

I look forward to the day along with everyone else that I can share some other description of the sector”s performance. But every week since the Aug 4 issue, my first impression of the numbers has been the same.

Brutal.

Many MJ stocks should be doing exactly what they”ve been doing. That was my warning at the April 22 low — the drop would force greater reflection by investors of which companies were legitimate, and how much they were paying for even those.

There were some nice runs off the May cycle”s lows into early-June. But the broader market retracement didn”t come for another two months, so the spotlight on this sector isn”t yet being shared by its relative growth potential. Meanwhile, the spotlight”s focus has been bogarted by the recreational usage risks.

At least this week the brutality has been confined. I don”t track the number of weekly updates to support/resistance, but this has been least ever. That”s not necessarily bullish, as it can mean price drops developed within prior ranges. But it could be a start, 10-20 lashes instead of the customary 39-40. Anyway, it makes the ground more fertile for reacting favorably to positive news.

Enjoy!

Two attempts to trend down this morning have been recovered to probe positive territory. The attraction to fresh highs remains alive, but too little time remains today to assure its test before the close.

Meanwhile, this morning”s Livedesk covered a lot of ground in a short time. MJ stocks reviewed were CNAB, AGTK, MJMD, VPOR, SPRWD, TRTC and VAPE. Check it out at the following link:
http://new.livestream.com/accounts/7617211/events/2865745

An overnight tumble probed momentarily under yesterday”s range, and the open is indicated in negative territory. But today”s session still has an attraction outstanding above yesterday”s highs. And holding or recovering back above today”s opening print 15-30 minutes after the open would keep alive the potential for fulfilling that attraction today.

This being a Friday, beware of the liquidity trap that happens when volume starts evaporating by mid-morning. Especially among MJ stocks, that can have one of two effects — either volatility dies out, or the slightest push can have substantial impact.

Since we had no weekly Livedesk Unlimited yesterday, let”s have a 30-minute session at 10:45 ET this morning. I”ll send out another reminder. Meanwhile, look for other observations after the open in this thread.

There”s no weekly post-close Livedesk Unlimited today, so be sure to request stock chart analyses in this thread on the Activity Feed. Following is the list of stocks we discussed in the previous thread: BRDT, STEV, SPRWD, QTMM, MINE, HFC, NEM, LVS, PNK, TKMR, VPOR, GTAT, INSY