Bigger Picture

ENRT — Above .89 would target .97, whose recovery would confirm the next upleg is underway. Not recovering .89 is vulnerable to reversing back under .84, whose break would target .64 and maybe even .44.

SPLI — Healthy volume expansion into open”s price surge… Extending through .34 would have potential to .45
ATTBF — Cannot stress enough the importance of exceeding yesterday”s ~2.15 area highs through mid-morning today, or else risk being hit by a wave of selling into the afternoon and through yesterday”s ~1.57 low.
TRTC — First pullback target of .88 being met awfully early to have much hope for it holding. Next target at .815 getting likelier.
DEWM — Back to its breakout”s origin. Support is .0124, and interesting for nibbling at.
EXMT — Could be strong into the weekend. Above .016 should surge, and be accompanied by volume expansion, if valid.

MCIG — Moment of truth, testing .815 support, on expanding volume. Its break would make .75 likely, and potentially lower.

Filter This! (pre-open missive that tells you one thing, the most important thing, if you had to filter your view of marijuana stocks price action through just one thing — okay, sometimes two — what would that one thing be?)

Today”s one thing is expiration.

The third Friday of every month is “option expiration.” Today is also a quarterly expiration, called “Quadruple Witch,” for its inclusion of most financial futures (indexes and bonds), and options on both stocks and futures. So, what?

Except for the few cannabis stocks that have become optionable (e.g. GWPH), this shouldn”t influence our space, right? Well, not directly. But indirect influence can be worse, because it is sneakier.

Broader market trending is a product of optimism and pessimism. Broader market trending also produces optimism and pessimism. If today”s expiration were to trend down (which is distinctly possible, despite being indicated to gap up), the pessimism it breeds will inhibit people from buying speculative cannabis stocks — especially ahead of two days of illiquidity (when the stock can”t be sold).

Sometimes broader market pessimism can help the cannabis sector. Recall this year”s start, when the broader market was beginning a big drop, making the cannabis sector more attractive in comparison. But that scenario probably won”t repeat.

So, today”s Filter This is weekend. Oh, it”s tonight”s filter, too. But that”s another story…

The third “Need to Know” video. And we”re already deviating from the usual format. For Friday”s video, I move through a list of most-requested symbols on the site. No categorization, just opinion and levels. Enjoy!