Filter THIS! Patience.

Today”s filter is… patience.

It”s a virtue, right? Ever notice the people who keep telling us that are the ones we”re waiting on? Sometimes, they”re right.

Did the marijuana sector begin bottoming at last week”s lows? It”s not yet assured, but it”s the first credible effort that I”ve seen since March”s highs. It seemed like a long time coming, but if an actual bottom is now forming, then correction”s duration did not take an inappropriate time. 

Rome wasn”t burnt in a day.

The actual topping, itself, didn”t happen overnight. While some stocks in the sector were obviously peaking, others were pushing higher. That dichotomy was deceptive. You”ll recall that if you were involved in this sector at that time. Study it. It”s going to happen again, upside down, only worse.

During the correction when I wasn”t able to find stocks that had bottomed, I wrote in this space about some of the correction”s benefits. One was the cathartic aspect of forcing investors to look closer at the stocks they were buying. The bottom — whether or not it”s happening now — won”t be a bottom for all stocks in our sector. Some won”t attract back buyers and analysts that have been trained to be more discerning.

Patience can be a virtue. But not if you”re waiting on a loser to perform the way they did into March.

If last week did market the correction”s end, then even some of the stronger recoveries will first revisit their lows. Maybe not entirely, and maybe a little deeper. Careful not to be swayed by that happening to so many that you are convinced to continue holding the wrong few.

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?