Bigger Picture
Honolulu TAUG — The open”s
Honolulu TAUG — The open”s first bar was wide, but volume was slower than the past several opens. There was a volume uptick as price attacked the open”s high, and back above .091 on more volume could run intraday.
Several observations of relevant opening
Several observations of relevant opening action:
DEWM — no follow-through yet, but volume low.
MCIG — hesitating at .80 resistance, but having probed it today must close above it to maintain the upside momentum.
NVLX — healthy volume on today”s follow-through attacking .38 resistance
PMCM — open”s blip-up helps to confirm yesterday”s breakout is trying to run intraday.
STEV — hovering narrowly at highs, must break higher today if at all, probably.
FSPM — still improving on yesterday”s breakout above 5.23.
ERBB — despite retracing all of the open”s spike down, today”s close must extend above .088 to avoid signaling a much deeper pullback underway
ATTBF — Gapping down to attack yesterday”s low, whose recovery is the only bullish setup I”m tracking to possibly buy.
Filter THIS! Wet.
As I write this from Kansas City, a huge storm is moving into the area. Rain, thunder, lightning, hail… oh, my! Oops, wrong Kansas story.
Such storms aren”t unusual, nor is the rush hour timing. Actually, it”s not yet rush hour, but many have begun their morning commutes, nonetheless. And just as they”re planning to hit the road for another fulfilling day of earning a paycheck… rain, and a lot of it.
Which reminds me of the marijuana sector”s tumble that began a couple of weeks ago. Many issues extended “surprisingly” lower into last week. And many snapped back up, even if only momentarily.
More than a few appear to have stabilized, and a few seem to have begun trekking higher. So far, that isn”t very many. But much rarer has been the stock to rally throughout the day.
Little if anything has changed in the past two weeks about the vast majority of marijuana companies. Their stocks, meanwhile, rallied so much so quickly that earlier buyers were offered un-refusable offers to sell. That drove prices down sharply, and encouraged more selling out of panic.
Few stocks have been gapping up and also running higher intraday. But increasingly more stocks have begun opening flat-to-higher, or even gapping up. Increasingly more are arriving at each session ready to work, only to be met by rain.
As I finish writing this, the storms are getting lighter. I can see on radar that there”s more coming today, and probably the same tomorrow morning. But there are patches in between, and then they”re gone. I”m speaking, of course, about the weather. And also about the marijuana sector.
| Filter THIS! …is a pre-open missive that tells you one thing, the most important thing, if you had to filter your view of today”s marijuana stocks price action through just one thing — okay, sometimes two — what would that one thing be? |
Need to Know Wed Apr 2 2014 (stocks listed in the post)
I”m interested in your feedback, as always. Specifically with this video, let me know that you find value in sticking to 10-12 stocks that are higher-profile. They are chosen for based on interest among subscribers, price action of note, or to update actionable parameters. Enjoy!
| DEWM | BO | Very healthy volume surge accompanying the morning”s volume surge, then each drifted through the afternoon. |
| MCIG | BO | Rally on? Fresh relative high intraday and close, on expanding volume, bumping into resistance and surging through it early could run higher all day. |
| NVLX | BO | Volume uptick as price improved to a 5-day high, closing above .38 and .42 would signal and confirm the pullback had ended. |
| PMCM | BO | Traded through its .0053-.0054 breakout signal early, and held it as support intraday, looks ready to run. |
| STEV | BO | Still no breakout, but at least volume didn”t expand, because that would have suggested buyers were weak. |
| MDBX | EA | Volume picking up and price is being forced to bounce out of lows to avoid launching a new downleg. |
| FSPM | EA | Closed above 5.23 on volume, suggesting at least a corrective bounce underway targeting above 7.00. |
| BRDT | PB | I would add to the portfolio under .60 intraday, and consider selling at a loss if the close hasn’t recovered positive territory above .69. |
| CBGI | PB | Price is firming but volume hasn”t yet, and the pattern has no excuse to delay improving both. |
| ENRT | PB | On the strength of Monday”s high-volume surge, I added this to the portfolio during the morning”s dip, and won”t tolerate much delay in rallying further. |
| GWPH | PB | Tested upper-end of the 60.45-62.85 pullback target of the decline, and its resistance so far held. |
| TAUG | PB | I still love the volume pattern, and might have to buy this higher, after the big “don”t chase me” sign falls off of its back. |
| TRTC | PB | l”ll buy strength, like above 1.20, but the pattern is meanwhile vulnerable to a fresh low at .75 or .67. |
AFTERNOON RUSH –notice the running
AFTERNOON RUSH –notice the running time… 3:15-3:35 ET– Is a stock”s price action today concerning or interesting you to consider taking action? Check relevant parameters that I might have posted earlier on the Activity Feed (you should be doing this anyway). Let me know of any pressing situation where my observations might assist you in a pre-close decision. Post the symbols and specific questions (please, not just symbols) to this Alert”s comments section. I”ll address them from 3:15-3:35pm ET.