RE:Strategy on when to sellYoungInvestor91 wrote: Hi everyone,
I'm long on WEED and trying to decide on when would be a good time to sell. I'm not interested in fairy tales of $150 stock price by December because I don't think it's realistic, and I don't listen to the ridiculous claims made by shorters either.
Please try to be civil and logical.
I think there will be A LOT of hype after the NYSE listing, which should come before May 31. Following that is the June 7 vote, which takes place on a Thursday.
I strongly believe Legalization will move forward (not counting a black swan event).
The question is; would it be better to sell after on Friday, June 8, after the June 7 vote, or wait until the following week (Monday, June 11) to see where the SP moves?
I strongly believe the hype will drive the stock price to new ATH's, and then it will be shorted and taper down in the following weeks. The question is all about timing. Again, not interested in wild speculation, just curious about what others think would be ideal timing for someone like myself who would like to sell during the peak of hype.
Any thoughts?
Well first of all I think you have to change the opinion you have of yourself as to what your position is in weed. You start off by saying you were long on weed yet you're asking for advice on whether to sell on June 8th or June 11th. Three to four weeks does not make you long on weed. I think you need to ask the day Traders for their opinion as the people that are long on weed are holding for years to come. But in answer to your question I don't think either one of your dates is a good day to sell. I think you will see some hype leading up to the NYSE listing and the June 7th vote but you will also see a run up after the vote up until the first quarterly report comes out from canopy. If that report meets or beats expectations there will be no retracement. So the question you have to ask yourself is do I believe canopy will deliver the expected revenues or will they fall short. Very tough call because they may very well exceed expectations and the stock price will go parabolic or the earnings will disappoint and there will be a large retracement. That's the Dilemma of the day trader. For the longs we know the canopy in the end will be the number one marijuana company in the world and be worth well more than what it is today. For the day traders in the flippers the money to be made pales in comparison to what the Longs will make. Good luck, I hope your short-term position works out for you.