Bigger Picture

Wednesday, July 30, 2014

Several trade alerts were just generated as part of an administrative function to end the marijuana portfolio, such as it is. Subscribers are already well aware that the portfolio”s holdings were not indicative of any of the research coverage I”ve been providing, and that the portfolio has not been the medium for relating that research coverage.

Subscribers should also be aware already that this service”s mandate is being expanded officially, to match its months-old practice of covering non-marijuana stocks, too. No element of the service will end — I”ll still make post-open observations of relevant MJ sector price action, our Livedesk sessions will first review all relevant MJ sector stocks, The Universe will be updated just as often. And you”re always welcome to request a chart analysis of any stock interesting you.

Actually, I will be enhancing the service in a couple of ways. But everything you currently see will remain. You”ll see more information on those in the coming weeks. Meanwhile, thank you for your support and for your interest. Please don”t hesitate to let me know how else I can be of help to your trading decisions.

Rod

REMINDER: Livedesk starts in 10 minutes at 10:45 ET. Please use the preceding Activity Feed thread to post any stock analysis requests if not logging into the chat. See you there…
Livedesk link: http://marketfy.com/product/marijuana-stock-technical-trade-alerts/livedesk/
Chat link: http://marketfy.com/product/marijuana-stock-technical-trade-alerts/chat/

S&P index futures rallied overnight, retracing 61.8% of yesterday”s drop. That”s natural resistance. And it has resisted. Now about 15 minutes prior to this morning”s open, futures are cutting back some of the gains. This pattern should resume the rally without much delay past the open to avoid dipping back to yesterday”s lows.

Resuming yesterday”s sell-off wouldn”t be helpful to the MJ sector. But rejecting it by quickly extending the gap up would at least get the broader market”s drama out of the way. The sector is getting a lot of attention this week — both good, and also bad — so, stocks not performing well could be taken as a warning.

Check this thread in the Activity Feed for my post-open observations. Be ready for today”s Livedesk at 10:45 ET — I”ll send a reminder.

Enjoy!

Market indexes are opening at or above yesterday afternoon”s highs, which were themselves recovered from the morning”s sell-off. A retest of last week”s highs isn”t much further above — getting there is just a matter of resuming the rally, but that”s no small matter.

MJ stocks have several news items out, but price action seems more detached than enthusiastic. That”s not necessarily bearish, but it does suggest that things perk up within the hour to avoid being caught in malaise for the day.

I”ll add more post-open observations to this thread in the Activity Feed, and invite you to do the same.

Monday”s Livedesk was comprehensive. The following stocks were reviewed (in the order reported below), but I suggest scrolling through the video for more detail than just my brief summaries.
http://new.livestream.com/accounts/7617211/events/2865745

VAPE — Testing 2.08 would require snapping back up aggressively to avoid extending the decline to 1.88 and possibly 1.58.
ENRT — New lows under .13 aren”t being rejected.
CARA — Holding 12.65 and 12.90”s simultaneous intraday test recently was bullish, but that goodwill doesn”t last forever, and had better be exploited without further delay.
GBLX — Still targeting 1.08 pullback so long as 1.31 isn”t exceeded.
CANN — Must hold Friday”s low to maintain new rally leg potnetial.
INSY — Fulfilled both support and resistance.
MJMD — Shallow extended pullback sufficed for rally.
EDXC — Firming on moderate consistent volume, but must close above 8.50 to complete a bottom.
ATTBF — Early morning warning about .55 makes .51 support very important to hold.
FITX — Attempt to break support last week failed, targeting retest of 06.
AGTK — Reacted very well to its Falling Knife setup, and essentially held its pullback limit, but can”t delay extending higher sharply Tuesday.
SPRWF — Closing positive would suggest the trend is changing upward.
MCIG — Testing its prior low, so critical support that can”t afford to delay recovery.
ERBB — Potential to probe under .015 before a better bottom can form.
TAUG — Failing to close above .0425 is still required to reverse momentum up since .036-.038 weren”t fully recovered previously.
VPOR — Holding above .061 keeps alive the potential for breaking and extending.
STEV — Gapping up Monday all but confirms the recent Symmetrical Triangle has been influential enough, and no further delay to recoverying is necessary.
EAPH — Recent failed Ascending Triangle must be recovered before getting bullish on the compnay.
CANLF — Not enough trading history to analyze.
GWPH — Still must require 91 area through the close to form a bottom. Not impressed by its current requirement to retest 82 area support.
TRTC — Closing under .0425 would put into play new lows at sub-0.03. Should be aggressive, to offset the recent controlled burn.
VPCO — New coverage.