CGC having a day, could run pretty good if it gets past 56

so is NBEV

Prognightmare said:

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so is NBEV

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CGC bought a company that researches new ways to grow pot...seems like all pot stocks are doing well today. I did go with weekly puts on CGC though as I think it will come back down a bit in the next day or two (puts are at 53)

So is this capitulation bottom action today or a pause mark for continuation down.

3 of the 4 financials went well with BAC struggling. Taking a lot of profits on closing out 70% of all options.

I want to see that nothing on trade or currency with China is announced after markets close.

WFC having a great day, thanks as always for the advice

Want to see markets break above 2800 soon. Any resumption of selloff would look like an actual larger correction continuing. There is one last gap that occurred Sept 8th at 2467.

Obviously that would be horrific to buy and hold accounts. 300 points from current levels and almost 500 points from highs.

Not trying to alarm anyone, only giving key technicals as precaution. On the bullish side we have a small gap from 10/3 at 2921.

If we are going to resume upwards it should move further off these lows quickly. Also we have 2 days of higher lows on S&P. Both last two days hit resistance around same level.

Intraday gap down 2772 last 10 minutes. See if that fills before close.

CGC left a gap back around 50...will be interesting to see if it heads back down after a fake out breakout today or keeps running

Anyone get gold stocks? MUX made move above $2 now. CDE from low $5's to mid. RGLD from $75 to $78.94.

Pay attention to gold prices as they tell us when currency troubles could be coming.

gougler08 said:

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WFC having a great day, thanks as always for the advice

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Of course, dumbass me. I went with BAC calls only. I always make poor decisions.

Markets go higher BAC will play catch up tomorrow.

Big volume sells just hit but so far only on a minute

Novice investor here (one of those cretins on Robinhood). Playing with a relatively (very) small amount right now but learning as I go. Already got burned by Geron a few weeks ago so lesson learned on that.

A question on weed stocks, do y'all think there will be a sell off Wednesday? Folks keep pumping it like it's going to be a big day, but unexpected news is the only thing that appreciably affects stocks. Everybody knows Oct. 17 is coming and it's inconsequential until supply catches up with demand and revenue figures actually start rolling in.

I'm holding a small position on CRON that's actually up thanks to today (bad buying point a couple weeks ago) but thinking of selling before Wednesday if it keeps climbing tomorrow.

That was a butt ugly close! We held well above Friday's lows but be gone of we break that.

oldarmy1 said:

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That was a butt ugly close! We held well above Friday's lows but be gone of we break that.

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So 2729 is the key number?

oldarmy1 said:

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That was a butt ugly close! We held well above Friday's lows but be gone of we break that.

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Thursday's lows, but same difference?

Going to need a lot of help on that CGC put

JJMt said:

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oldarmy1 said:

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That was a butt ugly close! We held well above Friday's lows but be gone of we break that.

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You letting Daddy type for you again?

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Cell Phone typing.

Reports are coming out that Saudi is going to admit to killing that reporter after interrogation.

Paul Allen, Microsoft cofounder, has passed

65

OA/Ranger, does CGC look like it's been in a flag pattern and today may signal the breakout (needs confirmation tomorrow, but it's already up to 58.40 after hours)? If so, seems like that could go on a big run over the next couple of weeks

Prognightmare said:

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Reports are coming out that Saudi is going to admit to killing that reporter after interrogation.

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I own some airline stocks and this situation scares the crap out of me. Oil prices could go nuts if this spirals out of control and Trump gets painted into a corner and has to implement some kind of sanctions. I guess I should probably sell some of those or spend some money and put some hedges in place.

chris1515 said:

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Prognightmare said:

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Reports are coming out that Saudi is going to admit to killing that reporter after interrogation.

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I own some airline stocks and this situation scares the crap out of me. Oil prices could go nuts if this spirals out of control and Trump gets painted into a corner and has to implement some kind of sanctions. I guess I should probably sell some of those or spend some money and put some hedges in place.

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Obama administration targeted US citizens in the Middle East with drone strikes without due process. The Saudis killing a Muslim Brotherhood sympathizer in a foreign country won't cause too much of a problem. The Saudis will say it was a rogue outfit and they'll cap a few of thepeolld involved. This will be water under the bridge by the end of the week.

I don't deal with airline stocks my friend so I can't offer any guidance. However, with this revelation, I can see oil being affected and by proxy airlines.

IrishTxAggie said:

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chris1515 said:

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Prognightmare said:

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Reports are coming out that Saudi is going to admit to killing that reporter after interrogation.

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I own some airline stocks and this situation scares the crap out of me. Oil prices could go nuts if this spirals out of control and Trump gets painted into a corner and has to implement some kind of sanctions. I guess I should probably sell some of those or spend some money and put some hedges in place.

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Obama administration targeted US citizens in the Middle East with drone strikes without due process. The Saudis killing a Muslim Brotherhood sympathizer in a foreign country won't cause too much of a problem. The Saudis will say it was a rogue outfit and they'll cap a few of thepeolld involved. This will be water under the bridge by the end of the week.

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I agree that this will pass quickly but the fact that a cleaning unit went into the Saudi embassy today before investigators creates bad optics. I just hate it's this close to the midterms. It's insignificant in the grand scheme of things but progs will use it to bash Trump.

gougler08 said:

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OA/Ranger, does CGC look like it's been in a flag pattern and today may signal the breakout (needs confirmation tomorrow, but it's already up to 58.40 after hours)? If so, seems like that could go on a big run over the next couple of weeks

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Yes, powerful breakout today with volume (2x) out of the bull pennant it has been forming. If you trace Fib levels from the September 5 high to September 14 low, the 1.618 extension is ~ $66.4 so that would be my target out of this move. It could consolidate for the next couple of days so it may offer us a chance to build a position if we haven't yet. That means I wouldn't rush to options -- a few days of consolidation would be an IV killer. I might actually play this one in stock. My only concern is that Wednesday, when weed becomes legal in Canada, may be a "sell the news" event. I'm honestly a little shocked that CGC, TRLY CRON and Aurora have all been great during this downturn. Usually these hot names are the first to go in any market weakness but not these names the last week.

I am 100% cash right now in my trading account -- think the market chops another day as we wait for Netflix earnings tomorrow night AH. Feel like that is the event the market is waiting on. Still a lot of sellers at 277 on SPY -- look at the long candle wicks on the hourly. That's why we haven't really sustained any type of move up. Every rally attempt getting sold with overhead supply. I think we get one last dumpage and retest the 270 level that was bought on Thursday afternoon. Maybe it comes AH tomorrow on Netflix earnings -- also Lam Research reports tomorrow AH so that could give direction for the semiconductors. If both QQQ and SMH get wrecked tomorrow night, then I think that 270 level is in play and possibly overshoot to test 266. Sit back, grab your beverage of choice and watch the bears/bulls duke it out tomorrow with chop and just wait for direction tomorrow night. Its okay being late to the party a little bit and playing off whichever way we move instead of making a stand tomorrow and getting crushed either way.

oldarmy1 said:

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Anyone get gold stocks? MUX made move above $2 now. CDE from low $5's to mid. RGLD from $75 to $78.94.

Pay attention to gold prices as they tell us when currency troubles could be coming.

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With the run up in GLD, I was able to buy back some puts I had sold about 6 weeks ago. Kept extending them and finally bought them back for a decent profit. I may look into adding some of these names you've mentioned tomorrow.

Pretty good explanation for the market trends we are seeing IMO. The market turned when Powell wouldn't STFU and his hawkish tone on rates sent us plunging. -- Up in Smoke

BlackRock CEO Larry Fink: We saw huge outflows before last week's plunge due to 'more fear' among investors

ETA: That should is a quote from CNBC, not my own statement

Pot stocks coming back down this morning.

CGC bottom falling out, (and my put made money)

Uber IPO valuation put at $120 BILLION

Quote:

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Uber may put forth an initial public offering early next year that values the ride-hailing business at as much as $120 billion, according to a media report.

The Wall Street Journal said Tuesday that Uber Technologies Inc. received valuation proposals from Goldman Sachs and Morgan Stanley. There is no guarantee Uber will fetch that valuation, or go public soon.

If it does, and at that price, the company would be worth more than Ford Motor Co., General Motors Co. and Fiat Chrysler Automobiles combined.

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Pretty strong banks to put forth that valuation. Personally, won't be partaking in Uber investing. I've actually stopped using them (with the exception of the credit I get every month with my CC) and use Lyft now. I think they've still got a lot of headaches in front of them.