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Over the past week, marijuana stocks have been particularly strong, with the strongest being the four leading U.S. multi-state operators that we own—and that means it’s time for another brief update on strategy.

Just a brief update today, mainly to discuss this morning’s sharp drop in the stock that we added to the portfolio last week.

Marijuana stocks as a whole pulled back normally over the past week, but the correction may have ended yesterday, with most of the leaders still well above their 50-day moving averages—and the best have continued to hit new highs. Bottom line, the trend remains up and thus I’m keeping our portfolio fully invested.

Marijuana stocks exploded higher this morning as investors speculated that the solid Democratic federal government resulting from yesterday’s Georgia election would be favorable to this fast-growing industry.

While the broad market enjoyed a powerful upmove yesterday, the marijuana sector was even stronger, with the Marijuana Index surging 15%.

Back on August 13, when the broad market was strong and marijuana stocks were even stronger, I took partial profits in our four strongest stocks (which were also our four largest positions) because they looked very extended to the upside.

With all five states that voted on marijuana proposals last week saying “Yes,” the trend toward nationwide legalization is now clearer than ever—and marijuana investors have been acting accordingly.

The big news this week is that Amazon will no longer screen most job applicants for marijuana use. Plus, the giant is supporting federal marijuana legalization. That’s one more step in the right direction.

Three weeks ago, when the marijuana sector seemed extremely extended to the upside, we sold 25% of each of the positions in our four U.S. multi-state operators

The good news is that leading marijuana stocks have seen some heavy buying in recent days—so much, in fact, that the four leading U.S. marijuana stocks have all broken out above their May or June highs.

I’m tempted—I really am—to take some of our 46% cash position and move it back into marijuana stocks. Since the sector peaked three weeks ago, most of the stocks have had a decent pullback and now the best are moving up again, heading toward those old highs.

The marijuana sector looks increasingly healthy, as the leading companies continue to post triple-digit growth rates and the leading stocks continue to climb higher.

The good news is that one of our stocks, Trulieve (TCNNF), closed at a record high yesterday. The bad news is that none of our other stocks did. The sector as a whole remains in the moderate correction that began five weeks ago, and I continue to think that we are likely to see lower prices in the near future.

The GameStop Affair last week offered great entertainment for those of us neither long nor short the stock, but in the end what does it mean? In my opinion, the market worked; I don’t see any real problems revealed (aside from naivety of many of the individuals). But I do think the spotlight on the power of individuals vs. professionals is likely to bring some legal outcome that will further empower individual investors, especially given today’s Democratic control of Washington.

This portfolio stock reported Q3 results this morning before the market opened. As expected, the company delivered outstanding results that surpassed expectations on both the top and bottom lines.

Six portfolio stocks reported earnings recently.

Suffice to say the last two weeks have been very tough. On the one hand, yes, of course some sort of correction or pullback has been expected given the huge progress the market – and growth stocks, small caps and IPOs in particular – have made over the last 12 months. But expecting something to come eventually and actually experiencing it are two entirely different things.

Since reporting earnings earlier this week shares of Avalara (AVLR) have retreated modestly, despite a solid quarter. As I’ve flipped through dozens of charts over the last two days I’ve been struck by the diverging performance of earnings winners.

We have four earnings reports from last night to get to today (ARNA, APPF, RPAY, SPT). Right now, I’m getting the first two out and will follow up with the other two shortly.

We are getting closer to clearing two of the biggest hurdles of uncertainty out there. I am, of course, talking about the U.S. presidential election and the Pfizer and BioNTech vaccine news.