Reddit’s retail investors seem to have found some new fun. Besides, unlike the previous venture with half-dead companies like GameStop, everything looks more interesting now. These are cannabis producing companies such as Tilray, Canopy Growth, and Aphria. As a result, Tilray shares doubled in just a few days, but fell by 50% yesterday. That’s the GameStop genre classics once again showing that such scams can only be involved at the start of the movement. So, delay in entering can ruin literally within a few hours.
But let’s get back to the target of the attack looking this time strategically not hopeless in the growth plan. The fact is that the Democrats promised to legalize marijuana and have already begun to implement this promise. And the US cannabis market is no longer measured in billions of dollars, like the Canadian one. But in hundreds of billions. So, such falls in stocks can be used for shopping, especially if keeping in mind that Reddit’s love objects tend to end badly with their success stories.
A real feast these days is on the cryptocurrency market. The theory that the current rally isn’t a bubble, a fundamental shift, a breakout, a move to a new level, etc. received a number of confirmations (well, or rather evidence in favor).
We are talking about information that Mastercard and BNY Mellon are planning to come to grips with cryptocurrencies. Crypto enthusiasts aren’t inclined to delve into the reasons for this. Neither large company said that the market is promising and they are striving to occupy a niche in it. (With the exception of Tesla, but we’ve already written about its decision and its reasons and this is a separate very sad story in the future). All say: our clients really want this, and if so, then okay, we’ll get into it.
In terms of news, today is interesting primarily with stats from the UK. The data on the country’s GDP as of the fourth quarter and December 2020 will be published. Also, the UK industrial production growth rate will be announced. December, from a pandemic viewpoint, was far from the best for Britain. So, there is every reason to count on weak data. Quarterly GDP in the negative zone may be the strongest blow to the pound positions. In any case, we expect some weak numbers and, therefore, recommend selling the pound.