Search

As I’ve explained previously, I’ve become increasingly concerned that the blistering advance of the marijuana sector had progressed so far so fast that it was getting increasingly ripe for a correction. But as long as the stocks were advancing, I was happy to stay fully invested.

Fundamentally, the only recent news regarding the marijuana industry is that the U.S. House of Representatives will vote on the MORE Act, which would deschedule marijuana and thereby legalize it federally, the week of September 21. Passage is likely. Getting through the Senate is not.

The strength in marijuana stocks that began two weeks ago with breakouts by the stocks of the four leading U.S. providers has continued this week, so now I’m going to take the portfolio to a fully invested position.

As I write this, every stock in our portfolio is up today, in what may be the beginning of a new advance for the sector. It’s been more than four months since marijuana stocks’ February peak, so they’ve definitely cooled off, but only time will tell if this is truly the start of a new run. In any case, we’re ready, with the portfolio now 84% invested.

The good news this week is that the state of Connecticut appears close to marijuana legalization, as the state Senate passed legislation early Tuesday morning, with an unexpectedly close 19-17 vote. Today—the last day of the 2021 session—the bill heads to the House of Representatives, which is expected to approve it. But you never know.

Then yesterday, I sent out some stock trading ideas, and the dam burst. I heard from at least a dozen investors who are clamoring for specific trading ideas. Great!

This portfolio stock reported good second-quarter results and moves from Hold to Buy.

The S&P 500 and Dow Jones stock indexes appear to have tentatively begun rising above a trading range that lasted for six weeks.

The stock market is down again today due to oil price competition and aggression between Russia and Saudi Arabia, which led to plummeting oil prices.

Several portfolio stocks recently reported earnings.

Crista has rating changes for three portfolio stocks and reports an earnings miss for a fourth.

Crista updates us on three portfolio stocks.

One portfolio stock had a earnings beat and there are two additional rating changes.

Five portfolio stocks reported earnings and one moves to Strong Buy.

Chart is an interesting company, for sure, and we would be happy to buy again at much lower prices.

I remain cautious on U.S. stocks in the coming days. I find it disturbing that the stock market barely reacted to the oil price crash, and more importantly, the energy downturn’s broader implications. In contrast to what I consider to be a dire economic forecast, stocks are acting well.

This portfolio stock reported preliminary first-quarter results after yesterday’s market close. The results are strong enough that they could enhance the share price today.

Crista has two rating changes today and reports on another with a good 2020 outlook.

After seven consecutive down days and a swift, brutal stock market correction, we’re bound to see a few up days quite soon. Please be cautious.

The quarter’s revenue surged in their Europe and licensing businesses, and lagged in their Americas Retail, Americas Wholesale and Asia businesses.