RE:Surge and purgeYes indeed, as surge and purge seems to be the standard pattern for all of the weed stocks in the first hour of trading for the day.
This is why I don't quite understand the focus on the pre-market and opening prices that so many here are all seem to be so hyped up about every morning here. I guess this is one of the factors that drives the euphoria at the start causing a gap up at the open, which is then followed by the typical dip about 15 minutes later once all of the amateur retail investors have finished buying at the high. After this dip, the prices then settled down and the marketplace will determine whether it will dip back down into the red or stay in the green after that.
This cycle seems to be rinsed and repeated on an almost daily basis. The classic one being on October 16th when every single weed stock hit their highs (Aurora at $16.24, Canopy at $76.68, etc.) at the exact same moment about 10 minutes into the trading day, only to have a sector wide collaspe within the next 15 minutes, to be followed by 2 weeks of non-stop spanking red butt days.
If I was thinking of buying a weed stock, I would never buy it upon the open as the price would almost assuredly be significantly lower a half hour later into the trading day.
Auctioneer wrote: Looks like that type of day. See if a dip gets bought.