Bigger Picture

Notice the opening pops-up that are fizzling. Some opening dips recovering (e.g. PHOT), but they might be fighting to swim upstream the next couple of days. More updates…
GRNH — I like it above .71 more than under .68, especially after the opening pop fizzled back under prior highs.
MCIG — Tough support test at .84, bigger downleg triggers under .815. Back above .91 would trigger breakout.
SKTO — Would buy fresh high, but not any lower. The open”s spike up is consolidating in a “Flag” pattern that might be mistaken as Bullish. But it”s in the wrong place (under prior highs, instead of during an uptrend).
TRTC — Another one that isn”t compelling under new highs, and very risky otherwise.
VAPR — Must hold .25, closing above .30 would be bullish.
EDXC — .25 support
EAPH — Back above .06 would be compelling, but no rush otherwise.
CBGI — Still too soon.

PHOT — Showing great reflexivity by reacting back up so sharply from the opening dip (continues to prove why it”s among my favorites in the sector). The price is right, albeit not as cheap as it could be. I”m holding off for a retest, and a lower low.

ATTBF — That opening surge reflects the optimism surrounding this stock. But it also delays a bottom to this corrective phase. Will have pullback prices soon.

(Posted simultaneously to the Activity Feed)

We”re halfway through the first week, and features are still being launched… You”re now reading a 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, that one thing is “patience.”

A lot of stocks peaked yesterday into a “Three-Day Surge” setup. Its resolution is so surprising, because it catches so many people thinking the exact opposite, since so many people were so recently DOING the exact opposite. The good news is that stocks don”t tend to attract that much buying interest without justification. The bad news is that justification might be largely reflected in the price.

Three-Day Surges resolve in all sorts of ways. Some take quite awhile to recover and resume their rallies, some bounce back quickly. Some never do, as the third-day reactions can be very cathartic, forcing buyers to look more critically at the sector and discover some pretenders are among them.

So, today, filter this: An indication of a stock”s underlying strength will be how quickly its rally resumes. But even the strongest need/deserve a few days of rest before kicking it back into gear.

I”ll be monitoring for pullback targets, and will get those to you as patterns allow them to be calculated with confidence.

Filter This!
We”re halfway through the first week, and features are still being launched… You”re now reading a 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, that one thing is “patience.”

A lot of stocks peaked yesterday into a “Three-Day Surge” setup. Its resolution is so surprising, because it catches so many people thinking the exact opposite, since so many people were so recently DOING the exact opposite. The good news is that stocks don”t tend to attract that much buying interest without justification. The bad news is that justification might be largely reflected in the price.

Three-Day Surges resolve in all sorts of ways. Some take quite awhile to recover and resume their rallies, some bounce back quickly. Some never do, as the third-day reactions can be very cathartic, forcing buyers to look more critically at the sector and discover some pretenders are among them.

So, today, filter this: An indication of a stock”s underlying strength will be how quickly its rally resumes. But even the strongest need/deserve a few days of rest before kicking it back into gear.

I”ll be monitoring for pullback targets, and will get those to you as patterns allow them to be calculated with confidence.

The second-ever Need to Know video. As a reminder, this is a tour of the most recent session”s most interesting performers. In just a few minutes, we”ll know whether a stock”s intraday and closing price action affected our expectations, and what to watch out for the following morning and day. They”re categorized as follows:

(BO) Breakouts and breakdowns — Stocks that probed above or below their recent range… More to come, or just noise?

(TT) Targets and tests — Stocks that extended their recent trending to touch an objective… Did the trend improve, or weaken?

(EA) Early adopters — Stocks that haven”t been on the radar recently, but might be soon… What specific price behavior to watch.

Following are the stocks covered in this episode:

BRDT BO
MWIP BO
FITX BO
ICBU BO
VAPE BO
DEWM BO
SKTO BO
GRNH BO
PMCM BO
VAPR EA
ATTBF TT
EDXC TT
ENRT TT
FSPM TT
CBGI TT
MYEC TT
CDTI TT