Well it was a volatile last week in the markets to say the least...
And it will probably be choppy for a while now (historically these months are anyways).
All of a sudden, even with U.S. economic data remaining strong, I keep hearing the word potential recession getting brought up... I don't buy it at all.
Right now we're in a volatile time, so be careful with your trading... but let's take a look at the markets and then I'll hand the rest of the rundown over to Lance Ippolito (the pot stock guru).
One thing to note from the pullback this past week is that the Stochastics Slow crossed over below the 20 line (normally I used Stochastics as a profit target on long and short positions, but some use it for entry).
Stochastics are simply just a confirming indicator for traders... want to know more indicators I love to use? Click here to see my training on technical indicators.
The CBOE $VIX (fear index) spiked above 20 again this week, but came back down pretty quickly... that's something we will keep our eyes on in the coming weeks... Ideally we want to see the $VIX making lower swings as the markets make higher swings, we do not want divergence from the $VIX or it will make things cloudy.
The NYAD Cumulative broke below it's 50 day line and is looking to make lower swings at the moment... 60% of S&P stocks are above their 200 day line, while only 43% are currently above their 50 day line.
Right now the markets are mixed and a little bit sideways... want to see how you can make consistent income in sideways markets? Click here to sign up for my workshop (I'll even place a trade on AMZN in it)
This Wednesday at noon Eastern, I'm handing my classroom over to one of my good trader friends, Lance Ippolito. He's a stud. Just wait until you see his options trading track record... it's incredible.
Lance specializes in emerging markets, and right now he's been making a whole lot of money on weed stocks... so today I'm going to let him take my Rundown and run-with-it. BUT before you proceed, click here to save your seat to his LIVE cannabis trading session (for FREE).
...now turning the floor over to Lance.
Hey guys! Lance Ippolito here. Really, really excited to meet all of you - and I cannot wait to talk with you guys LIVE this coming Wednesday.
Things I look forward to in life are fishing, exploring, and trading... and this week I have something really special for you traders - so make sure you're there on Wednesday!
Okay here we go... my two favorite cannabis picks.
I’ll Reveal 3 Cannabis Trade Setups Which Could Have Paid You 400%... 551%... Or Even 980% Within Just The Last 12 Months.
PLUS: You’ll ALSO Get My #1 Legal Marijuana Stock To Add To Your Portfolio Immediately
#1 Aphria Inc (APHA)
One of my favorite cannabis stock picks is Aphria Inc (APHA), who reported earnings on Friday, August 2nd.
Since it’s earnings report, APHA’s stock skyrocketed up 30% - becoming the first Canadian pot company to turn a profit with revenue levels up 75% from the second quarter.
On another note, CFO Carl Merton states that APHA plans to generate $1 billion in annualized revenue by the end of 2020 as they continue to search for new opportunities within the U.S.’s CBD (Cannabidiol) market.
As for buy levels, focus on the $6 range and position yourself long with the first target at $7.75. And if there’s a breakout above $10, anticipate APHA to trade at $15 a share within the next 6 months.
#2 Village Farms (VFF)
Another one of my top cannabis stock picks is Village Farms (VFF).
However, it’s classified under the ag-tech sector… and yes, cannabis has a technology sector.
In fact, they’re using this technology to provide the most efficient energy to the world and to increase plant yield by 30%.
And since technology is one of the largest sectors in the world. Village Farms is the forefront leader of the greenhouse space.
Village Farms also demonstrates how powerful the $10 Rule is because it’s stock has been up 32% in the last 30-days since hitting the buy line signal illustrated on the chart below.
With earnings approaching on August 12th, we’re going to see overhead resistance at $14 as share.
However, if that resistance line is shattered, watch the $18 share level as the stock reaches a 52-week high.
And as the past two quarters reflect positive results - by share prices and other cannabis companies, Village Farms is an excellent buying opportunity.
That's what I have for you today... reminder... click here to save your spot to my first ever live event with WealthPress
Lance Ippolito (oh, and Roger Scott too)