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Over the past couple of days, I have tiptoed back from battered bear to somewhat more aggressively short. I began the week about 115% committed and now am at about 170%. Not full-blown snarling and blood dripping from teeth, but at least not rocking back and forth in a corner.
One warning sign that merits at least a little caution is the clear bullish breakout from the emerging markets:
From Tim: If this keeps up, I won’t have to write any posts at all – – I can just reprint emails from Slopers! Anyway, a gentleman wrote me in response to last night’s China Deal post, and he has granted me permission to share his email here (which I’ve slightly edited for clarity and brevity).
Tim: I read your post titled “The China Deal” and am forced to disagree with a number of key contentions in the article. I realize you didn’t write the article and I’m not sure to what degree you agree with all the assertions, I thought I’d offer a slightly different opinion on a few (definitely not all) of the points.
Two cannabis stocks are among our four charts to watch today.
Aphria Inc. (APHA) jumped 40 cents, or 6%, to $7.08 on 9.1 million shares Tuesday on news that Green Growth Brands Inc. (GGBXF) made a formal offer to acquire the Canadian cannabis producer. The stock, which has been in a steadily rising channel off its December low, pulled back for much of last week on low volume ahead of Tuesday’s breakout. There’s a gap to fill at around $8 from the early December gap-down, a move through which could get the stock to near-term targets at $8.50 and then $9.25.
Canopy Growth Corporation (CGC) gained 12 cents to $43.66 on 8.8 million shares Tuesday on no news from the Canadian marijuana producer. The stock has had a steep run-up this month before consolidating in recent sessions. A move through the November highs near $46.50 could accelerate the stock further into the low-to-mid $50’s. Keep in mind that $40.50 is a triple intraday support platform from last week.
It was disturbing to see the big double-digit run-up in ES and NQ this morning, but that’s all withered away to nothing. At this point, the bulls are desperately fighting to artificially prop prices above 2626 on the ES. That’s the line in the sand. If it fails, they’ll probably have to interrupt Larry Kudlow’s cocaine-snorting and get him on the tee-vee again.