Looking at The Short Squeeze in Weed/ Pot Stocks on Yesterday's News
Today's headline should read: Joe Biden, in a desperate move, to rally his base - criminals felons, and drug users - just ahead of the midterm Elections (in November), promises to pardon - through executive order - Felons convicted of Felony Marijuana offenses.
DANK BRANDON RISES!
Instead this is today's headline from CNN (politics):
Biden pardons all federal offenses of simple marijuana possession in first major steps toward decriminalization
Whether you're for legalization marijuana, or not, the motive for this move is purely designed to get potheads to the polls in Nov., and probably for a small army of government insiders, and hedge funds to get a, "return on their investments".
Whether or not this move paves the way for federal decriminalization, remains to be seen, but I think if it can be used to help Wall Street, and tax poor people, it has a good chance!
I personally see no problem with legalization, as I believe alcohol is a far more dangerous drug, and we all know prohibition didn't work.
DUDE THAT'S MY SKULL!
But what do the Charts say?
If you had asked me last week, I would've said the charts looked like, pot stocks were overdue, for a bounce, and I actually found myself bottom picking pot stocks last week, and even added to my holdings on Wed., of this week! I keep telling folks I'm psychic, but they don't believe me!
I wish I could tell you which one I own, for bragging rights, but I have enemies in high places, and "loose lips sink ships". Maybe, once I take profits, I'll publish a screen shot....
$ACB - Aurora Cannabis - still firmly in a down-trend - even after it looks like it's going to open up another 3%. If it was going to open, above 1.75 then we would see plenty more short covering, but for now this just looks like a dead cat bounce.
$OGI OrganiGram Holdings Inc. (OGI) Clearly needs to breakout above the 1.10 level, in order to panic the short sellers .
$CURLF Curaleaf Holdings - This looks like it could run to 7, or even throw-over to 7.50
Happy Short Squeeze Friday! In case you don't know... this is a common occurrence in bear markets.
I don't recommend chasing short squeezes unless there is upside momentum on the chart, and every pot stock I'm following has been in a bear market for some time, and is trading as a penny stock.
My advise is to stay away from penny stocks, and other junk, and not to chase short squeezes, whether they're in pot stocks, or even the energy sector.
btw I did issue a Fibonacci warning on crude oil, to my people on LinkedIn, just last night. A possible wave 3 crash, could start as soon as today.
BRENT crude #Oil is looking a little toppy, no? Wall Street has played right into my hands again! 😆 pic.twitter.com/lniZwfjmWL
— Veteran Market Timer (@3Xtraders) October 6, 2022
Take Care, AA
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