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The yellow flag is still out from the Cabot Emerging Markets Timer, but there has been a little bump of interest from buyers. There are no changes in today’s update.

Remain bullish, but keep your antennae up. We’ve seen repeated bouts of selling in leading growth stock so far this month, but a few yellow flags have appeared. We’re holding our 16% cash position and placing two positions on Hold tonight.

Cronos Group is expected to be elevated today from the Nasdaq International Designation program (where it has traded as PRMCF) to the Nasdaq Global Market, where it will trade under the ticker symbol CRON. In Canada, it will continue to trade under the symbol MJM.

The Marijuana Index is trending upwards, as it has been since mid-August, but is still short of exceeding its January high, and thus the advance is likely to continue.

This is an unscheduled interim update to give you some guidelines to help you deal with the current strength—one of my readers used the word “craziness’—in marijuana stocks.

Blackstone Group, an alternative asset manager, held an Investor Day on September 21 for the first time in four years.

This was the third straight week of tedious action for many leading stocks and general rotation into other areas of the market. Reflecting that, the S&P 500 is up about 1% on the week, while the Nasdaq is basically flat.

The Nasdaq has sold off last week but thankfully the selling was limited to growth stocks and like the Dow, our portfolio has been largely unscathed. There’s no reason to panic and we’ll watch for any more signals of a longer or larger correction. Two rating changes today with one position going back on Buy and another moving to hold.

The following is a quick update to show you that the road forward for marijuana investments continues to improve.

It was a volatile and divergent day in the market, with the Dow rising 198 points but the Nasdaq fell one point and growth stocks got hit very hard, registering one of their worst days of the year. As a result, we are selling 1/3 of a position and moving another position to hold.

Overall, it was an OK week for the market, with the S&P 500 up around 1% and the Nasdaq flat-ish as we write this Friday morning. The intermediate- and longer-term trends of the indexes and most stocks (including leading stocks) are pointed up, so we remain mostly positive.

The market’s action this week was a generally positive one if you’re a bull.

Though there have been some decent-sized new items, the major indexes have been quiet this week both in terms of net movement (both the S&P 500 and Nasdaq are currently within 0.5% of where they started the week), range (the S&P 500’s weekly range is less than 1%) and volume (below average).

Our previous moves to put the portfolio in a defensive stance have given us some protection. But today’s slump in emerging market stocks has put our Buy signal in question and further weakened many of our stocks.

The market fell sharply on Friday on no particular news, with growth stocks again taking the hardest hits. Our trend-following market timing indicators are still positive, and that is a good reason not to get overly pessimistic. We are selling one of our positions though, which dropped after earnings on Friday.

Eight of our stocks reported earnings recently.

Despite the holiday-shortened, low-volume week, we’ve seen a good move this week. As we write this, the S&P 500 is up about 1% on the week, with the Nasdaq up 1.6%.

Shares of our little hearing aid and continuous glucose monitor stock are rocketing higher today after the company turned in a far better quarter than expected.

Growth stocks snapped back today after yesterday’s blood bath, and our trend-following market timing indicators remain positive. Thus, we’re sticking with a heavily invested position, though are keeping a close eye on growth stocks and their reactions to earnings during the next couple of weeks.