Bigger Picture

REMINDER: This week”s Livedesk Unlimited begins at 6:15pm ET (instead of immediately post-close). Should be a lot to review in the MJ sector, and you”re welcome to request instant analysis of any stock”s chart. I”ll send another reminder just before the event begins, including its link for convenience.

OOgly.

That”s the technical label for overnight price action in S&P futures. Another European firm fails, Israeli-Palestinian escalation, FOMC Minutes afterthoughts, the red line crossed under the green line, the longer term this crossed under the shorter term that… 

A: All of the above.

Gapping down so substantially can often find the sudden repricing has made new sellers disinterested. The earliest indication would be in whether the first hour were to extend the decline, or not. Bouncing immediately isn”t necessary to forming a bottom — unless the bounce were big enough to recover some relevant higher level, which in this case is much higher.

What happens to our MJ sector under these conditions is probably obvious. The question is whether to remain exposed to that risk, or to side-step it. Traders will generally choose to “hit the bid” and raise cash, whether to buy lower, or to buy higher when the market has proved the storm has passed.

I”ll add observations of the opening action to this thread, and I encourage everyone to do the same.

Livedesk was great… 30 minutes of MJ stock reviews, and then 20 minutes of your stock analysis requests. Check it out when you can — I notice from the views that many of you do. An overwhelming number of you.

So, you”ll want to know this: Thursday”s post-close “Unlimited” Livedesk is being held at a different time, 6:15pm ET.

Thursday”s Livedesk Unlimited
6:30pm ET — no reservation necessary.

REMINDER: This morning”s Livedesk begins early at 10:30 ET, at the link below. Below that is a Trade Alert, and under it is my pre-open post where stock analysis requests have been added. See you soon…
http://marketfy.com/product/marijuana-stock-technical-trade-alerts/livedesk/

There is no “Open”s Interest” today. Livedesk will begin early at 10:30 ET — I”ll send a reminder just before it, but use THIS post”s thread to add your stock requests. This is also where I”ll add MY observations of compelling opening action.

Approximately 5 out of 6 MJ stocks were red vs. green yesterday, which is broad. But the selling wasn”t deep, as the double-digit losers were essentially limited to the recent bigger performers. Following are some recent observations of ERBB, GWPH and TAUG. Another interesting pattern is ATTBF. Meanwhile, NVLX met my long-term target for the decline.

ERBB — Somewhat impressed with its resilience, holding up relatively well. Especially considering that sitting at the range”s upper-end, or only piercing it, which otherwise makes it a fat target for profit-taking.

GWPH — If the past week”s drop has been only a pullback, then its low should be forming now. Still has a target outstanding at 117.

TAUG — Essentially recovering close at/above .048 after dipping intraday to and/or through .042 is accumulation, which is bullish.