RE:SPY really is looking uglyThough I appreciate that Chartguys are suggesting MJ stocks are now linked with SPY, I have to admit I am having some trouble following the logic.
We are a week into legalization and most provinces have sold out and there are some supply chain issues. I would not expect anyting else from a venture that really has never been done before and is monumental in nature. The growing pains are expected. What I get out of this is...demand is much greater than anticipated. Supply is ramping up. Not fast enough for some, but MJ is not a necessity of life. All in all this went way better than anticipated. I do not notice any appreciable difference walking down the street nor do I smell anything in the condominium complex I live in.
Since the 18th we have been in free fall. We are sitting 15/20 which is a 25% decline. Which is why I do not understand the link to SPY. SPY is down about 1.5% today and MJ sector is on average down another 7%.
Lastly, I am sure hopeful something is said tomorrow at Altria's AGM. I do not own Altria stock, but for the first time I am actually going to listen in to the presentation to see what they have to say. It is the only way I can think of to get anything of substance as it apprears Aphria is in radio silence mode...I expect most of their energies are being focused on getting product to the sellers.
Another lousy day in the market in general. Worst week I've seen in quite some time.
Regards.
quietobserver wrote: continually making new lows..