I am finally back from vacation so I can start to post more TA again! I wanted to do some TA on a solid pot ETF I found a few weeks ago that appears to be loading up for a support bounce. MJ ETFMG Alt Harvest is a ETF made up of a bunch of high quality pot stocks. If you go to yahoo finance you can see everything in the holdings basket. From a TA standpoint MJ...
... for a .27 credit. Comments: Beginning to slightly hate this position, but it isn't exactly taking up a ton of buying power, so rolling out the April 14th 16's at >50% max to July to reduce cost basis further. Cost basis in my shares now 14.09.
Hi All, my main 3 take-outs from this analysis are the following: 1- Historical movements might be repeating themselves. Look at the three blue elyptical shapes and movements.. 2- 0.6$ might be the next support from where the price might be rebouncing 3- AFter the rebounce the price might have a spike as done three times previously in the past Not a financial...
Bought MJ (small position) Probably jumped in too soon, but wanted some DOPE exposure
After a nice move up, this is consolodating in a nice bull pennet.
CGC being held down for a long time. The pattern is likely to repeat itself. Potentially nice opportunity.
... for a .33/contract credit. Comments: Rolling the short call aspect of my MJ 16 Covered Calls to January here. My cost basis is now 15.05/share minus .33 or 14.72/share, so I can conceivably contemplate rolling the short calls down to the 15 strike, since that would still be above my cost basis.
Marijuana stocks have been on the decline for a while, but things may soon start turning around. Last month, the House Judiciary Committee advanced HR 3617 or (MORE) Act of 2021, a bill that repeals the long-standing federal prohibition of marijuana by removing it from the Controlled Substances Act — thereby ending the existing state/federal conflict in cannabis...
... to April 14th 16 Covered Call for a .40 credit. Comments: My cost basis in shares was 14.76 (See Post Below). Now it's 14.76 - .40 or 14.36. At the time of fill, the short call aspect of this setup was worth .97, so will look at the setup again when that approaches 50% max. I naturally don't generally like rolling out this far in time, but wanted to stay...
What's going on with weed stocks?? There are justifiable claims that some of these companies could still be overvalued. However, despite declining price, On-Balance Volume remains relatively high compared to what we saw during the last major downward swing between March 2019 and March 2020. This could signal accumulation. Additionally, the UO (ultimate oscillator...
... for a .39/contract credit. Comments: The October 15th 18 short calls appeared to be no bid, but stuck an order out there anyway, which got filled. Here, rolling my MJ 18's out to January, since there isn't a December and November isn't paying particularly well at the 18 strike. Current cost basis is now 17.13 (See Post Below) minus .39 or 16.74, so I can...
... for a .52/contract credit. Comments: This is to cover the 16's I was assigned on last week. They had a cost basis of 15.57/share (See Post Below). By selling the 16's against for .52, my cost basis in the shares is now 15.57 - 15.52 = 15.05/share.
Daily RSI at historic Oversold bounce levels. Almost as beat up as the covid crash right now. In the past we have bounced 25%-80%+ when bouncing off this level of Oversold conditions. There is also a gap on the daily now above at these extreme conditions that needs to be filled Also in a buy/support zone on the daily Weekly Oversold 4HR at historic...
... for a .68 credit. Comments: There isn't any November or December monthly yet, so extending duration out to January. My original cost basis was 15.44/share (See Post Below). With this roll, it's now 15.44 - .68 or 14.76, so I could conceivably roll this down to 15 with "my next move" and still be selling above my cost basis. However, we'll wait and see if...
There's a big weekly down trend that had ran its course in pot stocks, and the daily chart is reversing here, odds are we can squeeze 10-11 times the risk if we go long here with a stop around 16.18, it is worth a shot with something between 0.25% and 2% risk in the trade. Up to you, how much you risk on it. I'm being conservative and sticking to a 0.25% max risk...
... for a 15.44 debit. Comments: A small engagement trade in the small account ... . Here, going monied (i.e., the short call is in-the-money versus out-of-the-money), looking for MJ to stay above 16 running through expiry. Post-fill, entered an order to take it off for 15.95 (.05 short of max). That is unlikely to fill until the waning days of the short call...
... for .38/contract. Notes: Waited a little bit after taking assignment of shares (See Post Below) to sell calls against. Here, selling the strike at which my short puts were originally. Cost basis/break even is now 17.13/share, so my current profit potential is the short call strike (18.00) minus my cost basis (17.13) or .87 ($87)/one lot. Still have...
Comments: Although the shares haven't appeared in my account yet, they will be there by Monday, since MJ finished sub-18.00 at expiry. These started out as August 17th 18 short puts (See Post Below), for which I received a .49/contract credit, so my cost basis in the shares will be the strike price (18.00) minus the credit received (.49) or 17.51/share. Next...