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Most of our stocks continue to build bases, so I remain patient, waiting for a renewed advance by the sector. The standout stock in our portfolio is Innovative Industrial Properties (IIPR), which broke out to a new high last week after a great report.

Fundamentally, all is well in the marijuana sector as the industry’s leaders continue to grow, both organically and by acquisition. The average rate of revenue growth for the plant-touching companies in our portfolio in the most recent quarter was an amazing 132% from the previous year.

Worried about another market correction? This bit of options education should help you learn how to hedge your portfolio using puts.

Looking at the charts of our portfolio stocks today, there’s been no real change since last week, so I have no changes. But there have been a few relevant news items.

I’ve been in the business of writing and publishing investment advice for 35 years and over that time I’ve become a dyed-in-the wool, card-carrying optimist about the market.

The biggest thing happening is the change in fiscal stimulus and interest rate policy. Yesterday the Fed said it intends to accelerate the tapering process by reducing purchases by $30 billion a month (from $90 billion to $60 billion) starting in January. This is half of what was being purchased a few months ago. The program is on track to end by March 2022.

Big picture, the prominent topics of debate out there continue to be the potential economic impact of Omicron and the longer-term market/stock valuation/investor risk tolerance impact of a rate hike cycle (assuming the Fed can pull that off).

As we approach the final trading day of 2021, we see a market in a period of relative calm after what felt like a very volatile November and December, especially for those invested in individual stocks.

On to the market. It was a funkier week than last week, though big picture nothing has changed. We are moving into the tail end of earnings season so we may see a more moderate amount of investor interest over the next two weeks.

Suffice to say it’s been a tough week. As we head into a weekend that can’t come quickly enough, the main market indices are down over 2.5% and many, many stocks are 20%, 30% or 40% off their highs (some are better, some are worse).

Today Everbridge (EVBG) is trading sharply lower following an out-of-the blue announcement that the CEO is leaving. Not only is David Meredith leaving his post as CEO but also as a member of the Board of Directors.

First a quick personal note. Our backup plan for the kids today (out of school because of the holiday) fell through so I’ll be spending much of the day with two young, energetic boys who could care less about the stock market! I’ll be keeping tabs on things but may not get to email responses today unless a response is super timely.

Shares of Fiverr (FVRR) continue to slide, despite a beat-and-raise Q3 report and the threat of Omicron, which in theory should be good for some work-from-home (WFH) stocks.

I’ve decided to cut bait with Accolade (ACCD) since the stock just dribbled below its October low. This is another case where a healthcare tech stock just can’t seem to maintain enough momentum to keep investors engaged, despite the relatively steady financial performance and seemingly bright future.

Revolve (RVLV) announced Q3 revenue of $244.1 million, up 62% and ahead of the $228.6 million (+60%) analysts had expected. By segment, REVOLVE grew by 56% (to $204.2 million) while FORWARD grew 95% (to $39.9 million).

JOANN (JOAN) reported Q3 fiscal 2022 results after the close yesterday. This quarter was for the period ending on October 30. Revenue missed expectations slightly but adjusted EBITDA and adjusted EPS surpassed expectations. The high-level take away is that supply-chain challenges persist (no surprise there) but JOANN is doing what it can and appears to have the pricing power necessary to maintain a strong underlying business and pursue the growth strategy it has embarked upon to extend its lead in the arts and crafts retail market.

Despite what the broad market indices say, it’s a gross day for the market, and for software stocks in particular. This had been an interesting group in recent months. We’ve seen several rocket to unbelievable heights, while others have continued to falter. It doesn’t take a lot of imagination to foresee a scenario where there is some mean reversion here (i.e. the strongest ones come down, weakest ones pop back up).

Fundamentally, all is well in the marijuana sector as the industry’s leaders continue to grow, both organically and by acquisition. The average rate of revenue growth for the plant-touching companies in our portfolio in the most recent quarter was an amazing 132% from the previous year.