Decent start to yesterday’s holiday shortened week, but I overtraded and tried to force too many trades and got myself into some trouble in the afternoon. I recognized the last couple weeks that the momentum has slowed down in this segment of the market but haven’t done a good enough job of staying patient and waiting for the best setups. There are still plenty of them to fill up the week and do well but patience is key.
CGC had a really nice run yesterday with all of the weed stocks running and I should have sized up a bit and taken advantage of this sector momentum a little more. This one has a history of poor second day performances after a big green day like yesterday though so won’t be overly aggressive on it today. Will wait for a trend to form before taking any big size and see if that momentum in the other weed stocks carries over to today as well.
MULN is probably going to continue to be a daily driver for me as long as it has enough range and volume. Pretty weak attempt at a bounce day yesterday, will be watching for any of those sudden momentum bursts on this one and try to get involved. SSR is off today so will also watch for it to stay heavy and join the downtrend short.
GOEV is at that point now where it is still on radar but only worth trading if it has a clear trend and bid strength to join. Had a nice double bottom in low 0.40s on the daily chart and is pretty much in no man’s land at this price. Just watching in case it gets going again.
MRIN gapping up on a fluffy PR that sounds pretty unimportant to me but will be watching to see if it holds these gains at the open and potentially try to take advantage of any quick pops.
FLJ is a China stock, no news that I can see but gapping up this morning after unusual volume yesterday. Probably won’t trade it but going to keep an eye on it in case it gets going and has bid support near open.
NVOS got me pretty good yesterday on that nasty afternoon drop but it’s gapping up again this morning and has traded a lot of volume recently. Perhaps it has one more push left in it before the fade.
Nothing too exciting this morning, CGC top watch for continuation and possibly for failed follow through later to short. Not afraid to short it right at the open too if it starts out weak. Same with MULN.
1 Comment
Dr-M
on September 7, 2023 at 6:50 am
Ed, ty for reminding me that being patient is the KEY!
Ed, ty for reminding me that being patient is the KEY!