Not only is the monthly
Not only is the monthly FOMC policy statement due for release in a half-hour, but the quarterly Chairman”s Q&A is scheduled a half-hour after that. These events have come to be more reliable for market volatility than the monthly Employment Situation report.
Meanwhile, this morning”s opens among MJ stocks were interesting. Following are my comments in the previous thread, in case you missed them. Notice specifically the parameters listed at the open for GWPH and TRTC. But be sure to review them all if.
One more note: There is no weekly post-close Livedesk Unlimited, so we”ll have a morning session. See you there…
VPOR — Spiking up this morning on huge volume, after having held my .025 target for the decline yesterday. At least a test of .0375 is likely, if not also .045. But it is premature to label this as a bottom or as THE bottom.
TAUG — No follow-through from yesterday”s surge, which itself failed to close above resistance. Extending higher today at all would still be impressive. Otherwise, I”m still concerned that yesterday”s action was related to a promotional piece, and not to any actual fundamental developments.
MINE — Big volume spike up at this morning”s open, after correcting last week”s high-volume surge. Closing above .0078 would help to validate that prior surge and likely target .01.
GWPH — Testing 90, in a 61.8% retracement of this week”s decline. Back under 88 would confirm the bounce was corrective, and likely extend to fresh lows for the week, which would put into play 75-77.
GPRO — Closing today back above 67.75 would start to suggest the reaction down was already done at yesterday”s 63.42 low.
TRTC — If fresh lows are probed without there first being a bounce into the .244-258 range, then that leg should end the drop. That leg measures to .202. Bouncing first would refuel the decline to create lower targets. Closing above .265 would signal instead that an upleg was already underway.
GBLX — Trading down to fresh lows. My capitulative target range is .46-.52. Having tested .70 intraday, closing today back above .78 could avoid the capitulative stage.