Good morning
The cannabis space has continued to be impressive with some new movers like NBEV yesterday. This could continue with money rotating from one pot name to another. Like I said in yesterdays blog post, at some point this will likely end badly but as long as you play them size appropriate, don't chase and have a plan for your trades, there is nothing wrong with getting involved with these high flying opportunities.
Equities are looking at a green open as we press yet another all time high.The tone of the markets could change next week with the Fed meeting and an expected rate hike but for now equities look to continue grinding higher. The dollar which has been struggling this week is up slightly along with oil in premarket with gold down just a tad. OPEC has a meeting coming up this weekend that could impact oils near term price action.
Click here for a link of the charts for the stocks below
$FAT IPO'd in late 2017 tiny floater 8 could be acting as potential price support trades extremely thin could be a higher risk lotto swing or a day trade if it ever gets any real volume the daily is setting up nicely and could be looking at a trend reversal
$REED being touted as a potential sympathy play to $NBEV they do not appear to have a Cannabis drink may be interesting for a potential bounce off the 3 area small float and they are losing money do not chase
$DTEA another cannabis trader rumor speculation play gapping tiny floater do not chase play size appropriate
$ASCMA big pop yesterday on volume no news to be found Brinks home security high debt load and ugly long term trend .. Amazon Alexa event gave ADT a pop off a mention possible $ASCMA moved in sympathy. Could get a potential red to green play 1.70-2.00 area could act as support for a bounce small floater high risk swing or day trade opp with volume
$APRN Potential bounce play after new 52 week lows had some volume yesterday testing 20 day could get pop into the 2.25 area day trade or high risk swing possibility
Blue Apron Holdings Option Alert: Oct 19 $2 Calls Sweep (27) near the Ask: 2500 @ $0.201 vs 1162 OI; Earnings 11/1 Before Open [est] Ref=$1.875
$ARRY
European Commission Approves Array BioPharma's BRAFTOVI In Combination With MEKTOVI For Advanced BRAF-Mutant Melanoma- could be flaggin just below the 15 dolla holla for a break out. It did just have the death cross so I am somewhat more cautious on the name, there are a lot of moving averages to try and get through. looking for a 15 roll with volume probably more of a day trade scalp play
$ARC Reported good earnings on their last report and raised guidance pulled to the 50 day and bounced small float would consider for a swing with an entry in the 2.75-3 area could also be a red to green day trade opp with a 3.50 target
$MDCA announced today its intention to explore and evaluate potential strategic alternatives, which may result in, among other things, the possible sale of the Company. The Company has not made a decision to pursue any specific strategic alternative, and there is no timetable for completing the strategic review process. Could get a read to green and then 5 test
4-4.40 area could be entry area for a day trade if there is sufficient volume
$BLRX popped off of trader chatter as they are looking for potential cannabis sympathy plays. good volume move and 1 dolla hollla roll I am not even sure if they have a cannabis drug could be a day trade opp scalp play .90-.95 entry area
$MYSZ back above the 200 day and testing potential price resistance at 1.35 could see a pull to the 1.06-1.20 area for potential entry red to green play if it takes out 1.35 with authority could see a test into the 1.65-1.75 area need so good volume to play it
$ARAY has been consolidating near the 50 day 3.70-3.80 area could be an entry area for a bounce looking for a 4 test and break potential 4.50 target near the 200 day not crazy about the trend on the daily more of a day trade type play
$AGEN
Agenus Receives a $5M Milestone Payment from Incyte interesting daily flirting with 2 roll but it is also the 3rd day of the move 2.25 acting as potential price resistance 1.80 area could be an entry area for a bounce as it seems to be acting as support day trade potential
