This is a personal story about cannabis. Yes, the evil reefer, MARIJUANA!!! The story below is my life experience which led me to try marijuana for the first time.
I grew up in the 1990’s and was a child of the “War on Drugs.” My brain was indoctrinated with the “Just Say No!” slogan. I remember many court ordered guests speak to my school explaining how drugs ruined their lives. Local police would take groups of 20 kids and show drug paraphernalia, pictures of all drugs possible, including marijuana!!! The old slide projector would actually have slides of heroin needles on the same table as a silly flower. (marijuana!!!)
So obviously, I grew up with the mindset of “drugs are bad, marijuana is a drug, marijuana is bad.” All of these government programs told me that marijuana is a gateway drug. If you try marijuana, you will eventually use heroin or meth and die! Thank you Nancy Reagan.
I’ve been suffering with a bad back all week, and this has been disrupting my sleep so I’m hoping to catch up on sleep at the weekend, which I’m very glad is starting in a few hours. In the meantime ES is just chopping around waiting for nuggets of news about the progress of the Healthcare bill, which at the time of writing seems unlikely to pass today.
Yesterday’s high has held so far on SPX and yesterday’s high was of course a very obvious level for the rally to fail, so that may well continue to hold. If so SPX should at minimum retest Wednesday’s low and I’ll be watching possible trendline support now in the 2330 area. On a break over yesterday’s high there are multiple resistance levels in the 2365-70 zone. SPX 60min chart:
In case you didn’t see the news in all my snarky tweets, Elizabeth Holmes has completely jumped the shark, and is now offering the unfortunate souls who were stupid enough to buy shares in Theranos TWO of her shares for every ONE they bought. I’m not making this up. Oh, but there’s a catch: you have to promise not to sue her blonde-haired, blue-eyed ass.
With Micron’s enormous advance this morning, semiconductor companies are on fire. Contrarian soul that I am, I’ve decided to sell into this strength, having shorted the ETF below.
Since it seems the fate of the free world depends on this stupid healthcare vote, let’s talk about something – ANYTHING – else!
Below is the front month of crude oil. As much as I’d like it to plunge into the abyss, what I “like” doesn’t have much say-so in market direction. It seems to me that the commodity is steadying itself at the trendline and could be preparing for a turnaround back to major resistance at about $52.30 or so. Just a thought.
For equities in general, though, I would simply offer this headline on ZH that just came up: