The Universe, week of May 11 2015… Looking for leadership.
Note: I publish “The Universe” every weekend, updating my support and resistance calculations for Marijuana sector stocks. It is not a projection, but a handy reference… Non-Marijuana stocks are covered elsewhere during the week.]
Links to ||
Last week”s Universe || Prior week”s Universe || Previous week”s Universe ||
Last week”s most promising anecdote was also a failure. So far. But it was also a success, also so far. That was Thursday”s one-day doubling of MCIG.
Bullish guidance triggered a 22% gap up. It ranged sideways through the noon hour, and then took off through the final hour. Its high touched prices last seen all of five weeks ago. That”s not very long, at all, so it illustrates how much selling had been flushed out. And Wednesday”s close was a new low, creating a gap that will want to be filled eventually.
That one-day doubling is starting to sound like a one-day wonder. In fact, Thursday”s rally didn”t extend any higher Friday. But its reaction down did hold a 61.8% corrective limit. And then closed above the same calculation”s 38.2% measurement. That”s success. Holding Friday”s low would allow extending higher to test .15. Filling the gap below first could allow a more durable rally leg to form.
Either way, it is somewhat reassuring to see enthusiasm. Enthusiasm begets enthusiasm. One company”s bullish outlook in a vacuum is irrelevant. Two companies can portend a trend. Two companies in the same category can be a watershed event.
AndI notice that VAPE popped-up 33% (which is 50% off its low) from a Double Bottom — just two days prior to MCIG”s surge. And its 61.8% retracement held, too.
Recall my comments last week, that the sector needs leadership. I had warned the prior week that GWPH and INSY were topping, and they did fall sharply the next week. Some of its sellers had bought for the pharmaceutical exposure. But those who bought for the Cannabis play are looking for somewhere to reinvest. Good news from the sector, and big pops in reaction, suggest that opportunity is alive.
| Marijuana Stock Universe for May 11 2015 | |||
| Reference this table during stock reactions | |||
| 4-week | # up: | 12 | 11.88% |
| trends* | # flat: | 22 | 21.78% |
| # down: | 67 | 66.34% | |
| *The percentages of stocks rising or falling over 4 weeks. | |||
| symbol | support | resistance | 4-week trend |
| ACGX | 0.000 | 0.003 | flat |
| AERO | 2.310 | 4.030 | down |
| AGTK | 0.015 | 0.040 | down |
| AMMJ | 0.360 | 0.570 | down |
| ARNA | 3.800 | 5.030 | flat |
| ATTBF | 0.071 | 0.117 | down |
| AVTC | 0.045 | 0.400 | down |
| AXXU | 0.037 | 0.140 | down |
| BLOZF | 0.280 | 0.570 | up |
| BLPG | 0.120 | 0.370 | down |
| BNRDF | 0.530 | 0.615 | down |
| BRDT | 0.032 | 0.094 | down |
| BTFL | 0.071 | 0.232 | down |
| CANL | 0.750 | 1.250 | down |
| CANN | 1.690 | 4.600 | down |
| CANV | 1.650 | 2.100 | down |
| CARA | 9.750 | 10.650 | flat |
| CBDS | 1.830 | 5.630 | down |
| CBGI | 0.000 | 0.005 | down |
| CBIS | 0.027 | 0.038 | down |
| CGRW | 0.360 | 0.750 | flat |
| CHUM | n/a | n/a | down |
| CNAB | 0.530 | 0.750 | flat |
| DEWM | 0.003 | 0.005 | flat |
| DIGP | 0.035 | 0.100 | up |
| DSCR | 0.000 | 0.025 | down |
| EAPH | 0.013 | 0.028 | down |
| EDXC | 0.019 | 0.047 | down |
| ENDO | 0.012 | 0.020 | down |
| ENRT | 0.032 | 0.050 | down |
| ERBB | 0.006 | 0.010 | down |
| ETST | n/a | n/a | flat |
| EXMT | 0.000 | 0.004 | down |
| FITX | 0.005 | 0.012 | down |
| CAFS | 0.025 | 0.066 | up |
| FSPM | 0.000 | 0.250 | down |
| FULL | 3.100 | 3.640 | down |
| FWDG | 0.000 | 0.002 | down |
| GBLX | 0.300 | 0.460 | up |
| GRCU | 0.000 | 0.004 | down |
| GRNH | 0.055 | 0.098 | down |
| GWPH | 99.450 | 117.350 | up |
| HEMP | 0.016 | 0.025 | down |
| ICBU | 0.002 | 0.011 | down |
| IGRW | 0.002 | 0.004 | flat |
| IMLFF | 0.175 | 0.275 | flat |
| INCC | 0.001 | 0.007 | flat |
| INSY | 49.950 | 59.750 | flat |
| ITNS | 0.006 | 0.011 | down |
| LATF | 0.001 | 0.003 | down |
| LXRP | 0.120 | 0.200 | up |
| MCIG | 0.071 | 0.106 | down |
| MCPI | n/a | n/a | flat |
| MDBX | 0.600 | 0.850 | down |
| MDCN | 0.005 | 0.022 | flat |
| MDRM | 0.016 | 0.038 | down |
| MINE | 0.003 | 0.007 | down |
| MJMD | 0.000 | 0.015 | down |
| MJMJ | 0.003 | 0.025 | down |
| MJNA | 0.055 | 0.080 | down |
| MNTR | 0.507 | 0.928 | down |
| MYEC | 0.012 | 0.027 | down |
| MYHI | 0.210 | 0.330 | up |
| NDEV | 0.040 | 0.165 | down |
| NRTI | 0.005 | 0.019 | down |
| NTRR | 0.045 | 0.110 | flat |
| OGRMF | 0.304 | 0.615 | down |
| OSLH | 0.006 | 0.015 | up |
| OXIS | 0.030 | 0.044 | up |
| PHOT | 0.019 | 0.065 | down |
| PLPL | 0.220 | 0.315 | down |
| PMCB | 0.140 | 0.215 | flat |
| PNTV | n/a | n/a | down |
| PZOO | 0.008 | 0.011 | up |
| QEDN | 0.095 | 0.007 | down |
| REDG | 0.000 | 0.003 | flat |
| RFMK | 0.000 | 0.002 | down |
| RSSFF | 0.069 | 0.266 | flat |
| SING | 0.008 | 0.016 | flat |
| SKTO | 0.000 | 0.004 | down |
| SPRWF | 0.141 | 0.230 | down |
| SRNA | 0.080 | 0.140 | down |
| STEV | 0.064 | 0.074 | down |
| TAUG | 0.054 | 0.079 | down |
| THCZ | 0.130 | 0.255 | up |
| TRTC | 0.090 | 0.215 | down |
| TURV | 0.410 | 0.775 | flat |
| TWMJF | 1.420 | 1.860 | flat |
| UPOT | 0.150 | 0.550 | down |
| USEI | 0.000 | 0.003 | down |
| UTRM | 0.000 | 0.000 | down |
| VAPE | 0.360 | 0.613 | down |
| VAPR | 0.030 | 0.090 | down |
| VGPR | 0.000 | 0.002 | down |
| VHUB | 0.019 | 0.040 | flat |
| VPCO | 0.594 | 0.970 | down |
| VPOR | 0.000 | 0.003 | down |
| WDHR | 0.000 | 0.002 | down |
| WOGI | 0.004 | 0.009 | up |
| XTRM | 0.003 | 0.005 | down |
| XXII | 0.820 | 1.160 | flat |