Perlmutter (Obvious) Fail & Schumer Yet to Play His HandThe market is a mysterious beast indeed. I was half paying attention to the NDAA attachment because I wasn't expecting it and it didn't make much sense to me, however since the market has been reacting so violently I decided to look a bit closer. So this initiative was introduced by Perlmutter, a Republican. Over the past year or longer he has vowed to pass safe banking before retiring at the end of this session. His initiaitve had ZERO percentage chance of succeeding make no mistake about it. He is trying to draw attention to himself as his career comes to an end to be put in the history books about MJ reform. His initiative had no hope to succeed because he is not the main party doing the real negotiations needed for the safe banking legislation to pass. Schumer and Booker are doing the actual work and there is no way they would let Perlmutter steal the spotlight. Meanwhile, Schumer, who has professed to act this lame duck has yet to show his hand.
So the market is a mysterious beast indeed because no one should have ever expected Perlmutter's NDAA initiative to pass. And yet since it has failed the MJ sector has entered a severe downturn. This is most likely because people leveraged up bullish positions and now got caught with their pants down. They will be the ones who suffer the most. If you are just a regular bull non-leveraged, ignore this because the real news hasn't happened yet. Wait until Schumer pays his hand that hes' been holding for 2 years. And be clear I am not saying that the market won't go down further but that is why you buy solid companies like High Tide and you got the confidence to know the company will do good regardless. It makes these downturns might easier to sit through as people's leverage and emotions get the better of them.