tangman
Long

Trump to protect States' Pot Legalization

OTC:APHQF   APHRIA INC
MJ stocks topped on the Sessions' memo and now Trump is reversing that.

Technically, MJ stocks are oversold.

It also looks like general markets will recover. Even crypto is recovering. So for now, the charts seem to point to RISK ON for a while longer. This also fits with the view that coming weeks/months are Inflationary.

I suggest chasing (this post is about 15 minutes late into the pop) with small starter positions in MJ now, and adding on a retrace. Or if a retrace does not occur, add more on a bull flag with appropriate risk management.
Trade active: Update, here's the retrace and I've added to my small position.

I like how the SPY is very much "risk off" and MJ stocks aren't collapsing.
Trade active: Some of my MJ picks have been winners (MEDFF, OGRMF), some have been losers (MYMMF). Others have been neutral (CBWTF, APHQF) over the last few days.

That said, I think APHQF is about to lift off based on the volume and price action over the last few days. There is accumulation but buyers don't want to push the price too far up. That, and its fundamentals are excellent relative to the industry.

But most importantly, the close support level offers a reasonable area for stop loss and risk management.

Comment: I was right about APHQF popping, the next two days it jumped over 10% and it's now at 8.8.

I think this is a start of a much longer and larger run, so I'm holding for now. Ugly stock market could still take everything down in a broad risk-off move. But for now, the S&P is rising to tag a downtrend line.

By the way, I also added to MYMMF two days ago. The day it washed out 20% lower, and today it's up 40%.
Comment: Here's the chart:


Based on the volume compared to past spikes, I think this is a meaningful bottom and the trend should be up from here. Many other MJ stocks are also showing an uptrend. Although I'm in it, no recommendations here, this is a wild and crazy stock. I'm used to wild rides and my position size is manageable.
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