Was It Something We Said?
Dear Rundown Reader,
Was it something we said?
“Thank you for the Rundown,” a reader says.
“You’ve just confirmed my debt reduction, gold buying and smaller house plans.”
The reader might be responding to the FIRE movement? Preparing to retire early?
Glad to help.
We appreciate your feedback.
Your Rundown for Friday, November 9, 2018
Pot’s Silver Lining
In response to yesterday’s Rundown, a reader questions her pot stock holdings:
“My stock in Canopy is down 7.86% and Cronos is down 8.87% for the first time since I bought; all of my stocks but SIGO, up 4.11%.
“Question, is this due to the election and Sessions?”
Absolutely, the election pulled pot stocks out of the doldrums:
We charted 10 days of the four pot stocks mentioned yesterday: Canopy Growth (CGC), Cronos Group (CRON), Aurora Cannabis (ACB) and Tilray Inc. (TLRY). Plus, Sunset Island Group (SIGO).
You can see the dramatic spike for these four pot stocks starting Nov. 5. Chalk that up to investors getting “the feels” about pot’s promise on Election Day.
And, as you can conclude from the chart — buyer’s remorse. Maybe.
Then there’s Sessions’ resignation. Hardline marijuana hater out…yes!
Then we learn Trump might be filling the vacancy for AG with one of two hardline marijuana haters: former NJ Governor Chris Christie and Florida’s AG Pam Bondi.
The pot market’s never boring and the road to federal legalization won’t be smooth.
Here’s a silver lining for our reader though: Despite some setbacks, her Canopy Growth stock is up 175% YTD and Cronos is up 248% for the same time period.
As for another stock we mentioned yesterday, GW Pharmaceuticals, it appears to be a “buy” for almost all financial analysts — we did see one “hold”.
Market Rundown for Fri. November 9, 2018
S&P 500 futures are down 21 points to 2,785.61.
Oil is down $1.29 to $59.38 a barrel.
Gold is waaaay down; it’s lost $14.60 per ounce to $1,210.50.
Bitcoin is down $63.46 to $6382.60.
Have a good weekend. We’ll catch up Monday.
For the Rundown,