Initially, when the sector started to rally after the US elections, it triggered a short squeeze of most of the highly shorted stocks. In the beginning, OGI was late in joining the rally. Now OGI trades with big stocks in the sector.
The entire sector became really overbought and got ahead of its self and needs to cool down and consolidate. RSI needs to come down further to form a better base. Sometimes the stocks can remain overbought for a while. The issue with that is that they remain very volatile with big swings and some retail investors on margin and fully invested can get destroyed.
This sector is in reversal and possible bull market. This is confirmed by the golden crosses in the sector. I checked OGI along with major stocks and ETF has done that. The reversal in the sector was triggered by a US policy change.
Yesterday after the gap down along with other stocks in the sector, major stocks in the sector poped. OGI rise was led by CIBC buying in the morning hitting a high of $5.85. As the sector sold off, OGI gave away most of the gains. OGI is trading with the sector now but closed in green, not like major stocks that turned in red, OGI had earlier lost more in percentage in one day than other stocks.
CIBC which was buying in the morning sold in the afternoon and the stock lost most of its gains for the day. Seems that CIBC is trading with the daily market trend.
CIBC bought 6.4m and sold 6.5m shares. Their average buying price was 5.135 and a lower selling price of $5.036 potentially a trading loss of half a million dollars provide most of the shares traded were by them. Few million shares can be retail shares.
Most of the day the stock traded around $5 which is why the average trading price of the day for all 19.5 m shares is $5.058. The buying kind of stopped in the sector in the last hour of trading and the whole sector drifted lower. Could be because of the weekend or the sector is taking a pause.
I have been trading for decades now and have seen the bubbles in the past too. The bubble is forming in this sector too. But never seen these crazy volumes before. In every bubble, the herd chases the stocks and creates a lot of volatility. The size of the herd has become huge and is very unpredictable. People who get early in the stock make good money but the ones who get in late in the run-up usually have a bad ending.
My advice to everyone is don't buy on margin and do not expose yourself too much that you cannot financially recover. Diversify in stocks and sectors. Stay on earth and do try to go on the money. Take profits and manage your exposure. taking profits you will never get poor. Learn to invest. You should know how to read a balance sheet and do proper DD. learn to read the charts. If you want to trade then have a good trading platform and trading station. Do not get caught up in the hype. The stock market has become one big cansio. You can choose to gamble and lose everything or invest to make money.
Good luck.
House Positions for C:OGI from 20210212 to 20210212 | 1 Anonymous | 4,670,160 | 23,033,918 | 4.932 | 3,945,383 | 19,868,806 | 5.036 | 724,777 | -3,165,112 |
| 53 Morgan Stanley | 715,482 | 3,518,306 | 4.917 | 529,983 | 2,699,402 | 5.093 | 185,499 | -818,904 |
| 19 Desjardins | 248,694 | 1,287,572 | 5.177 | 231,214 | 1,188,831 | 5.142 | 17,480 | -98,741 |
| 80 National Bank | 472,353 | 2,450,995 | 5.189 | 463,532 | 2,386,371 | 5.148 | 8,821 | -64,624 |
| 33 Canaccord | 407,627 | 2,078,600 | 5.099 | 400,458 | 2,084,080 | 5.204 | 7,169 | 5,480 |
| 28 BBS | 26,154 | 132,061 | 5.049 | 21,400 | 111,403 | 5.206 | 4,754 | -20,658 |
| 143 Pershing | 20,270 | 103,664 | 5.114 | 15,797 | 86,925 | 5.503 | 4,473 | -16,739 |
| 22 Fidelity | 3,000 | 16,290 | 5.43 | 0 | | 3,000 | -16,290 |
| 83 Mackie | 3,780 | 18,900 | 5.00 | 1,000 | 5,420 | 5.42 | 2,780 | -13,480 |
| 72 Credit Suisse | 1,520 | 7,339 | 4.828 | 2 | 8 | 4.00 | 1,518 | -7,331 |
| 89 Raymond James | 5,400 | 29,310 | 5.428 | 4,100 | 20,295 | 4.95 | 1,300 | -9,015 |
| 84 Ind Trading | 700 | 3,237 | 4.624 | 500 | 2,125 | 4.25 | 200 | -1,112 |
| 15 UBS | 0 | | 600 | 2,400 | 4.00 | -600 | 2,400 |
| 6 Infor | 0 | | 1,000 | 4,650 | 4.65 | -1,000 | 4,650 |
| 56 Edward Jones | 1,000 | 4,250 | 4.25 | 2,200 | 9,944 | 4.52 | -1,200 | 5,694 |
| 74 GMP | 0 | | 1,250 | 6,775 | 5.42 | -1,250 | 6,775 |
| 36 Latimer | 90,689 | 464,436 | 5.121 | 92,324 | 471,002 | 5.102 | -1,635 | 6,566 |
| 70 Manulife | 2,900 | 16,157 | 5.571 | 4,650 | 25,046 | 5.386 | -1,750 | 8,889 |
| 65 Goldman | 25,534 | 115,734 | 4.533 | 31,848 | 153,102 | 4.807 | -6,314 | 37,368 |
| 14 ITG | 23,620 | 122,271 | 5.177 | 30,614 | 154,866 | 5.059 | -6,994 | 32,595 |
| 85 Scotia | 766,406 | 3,864,590 | 5.042 | 773,581 | 3,832,849 | 4.955 | -7,175 | -31,741 |
| 57 Interactive | 8,675 | 40,728 | 4.695 | 22,402 | 121,581 | 5.427 | -13,727 | 80,853 |
| 212 Virtu | 15,377 | 79,155 | 5.148 | 35,166 | 170,464 | 4.847 | -19,789 | 91,309 |
| 88 Credential | 160,838 | 824,610 | 5.127 | 199,269 | 1,031,541 | 5.177 | -38,431 | 206,931 |
| 9 BMO Nesbitt | 561,371 | 2,827,140 | 5.036 | 603,920 | 3,112,453 | 5.154 | -42,549 | 285,313 |
| 124 Questrade | 169,667 | 857,327 | 5.053 | 233,213 | 1,171,842 | 5.025 | -63,546 | 314,515 |
| 79 CIBC | 6,477,091 | 33,262,148 | 5.135 | 6,557,893 | 33,023,640 | 5.036 | -80,802 | -238,508 |
| 39 Merrill Lynch | 442,012 | 2,140,602 | 4.843 | 547,310 | 2,663,723 | 4.867 | -105,298 | 523,121 |
| 2 RBC | 1,073,047 | 5,495,785 | 5.122 | 1,198,705 | 6,136,699 | 5.119 | -125,658 | 640,914 |
| 13 Instinet | 305,444 | 1,471,455 | 4.817 | 434,121 | 2,186,191 | 5.036 | -128,677 | 714,736 |
| 7 TD Sec | 2,847,872 | 14,597,466 | 5.126 | 3,163,248 | 16,131,613 | 5.10 | -315,376 | 1,534,147 |
| TOTAL | 19,546,683 | 98,864,046 | 5.058 | 19,546,683 | 98,864,047 | 5.058 | 0 | 1 |