The Cannabis Stocks Are Dropping, Here's The One Stock I'm Waiting For $CRON Many of the leading cannabis stocks have been declining recently. Canopy Growth Corp (NYSE:CGC) is the best of breed in the sector. This stock has held up the best in 2019. Tilray Inc (NASDAQ:TLRY) has been the worst performing cannabis stock in 2019. This stock remains in a down trend and there is really no sign of a bottom in sight yet. Aurora Cannabis Inc (NYSE:ACB) has been pulling back since March 19, 2019 and is not really signaling a buy level just yet on the charts. The one cannabis stock that I would like to own at the right price will be Cronos Group Inc (NASDAQ:CRON). This stock has been falling sharply since February 4, 2019 when it traded as high as $25.10 a share. The stock is currently trading at $14.10 a share. Traders should note that the pattern on the chart is still very weak. CRON stock is trading below its 50-day moving average and that puts it in a weak technical position on the charts. There will be several support levels coming up for the stock in the near term, but the real institutional support does not show up until the stock reaches the 10.00 area. This is a level where I would look to aggressively own the stock. Please understand, it may take a little time for the stock to get down that low price point, but remember, patience pays. Nick Santiago InTheMoneyStocks
General Motors $GM Rebounds Today, But Here's The Real Trade This morning, all of the major stock indexes are rallying higher on the session. As we all know, the major stock indexes are currently short-term oversold from the recent sell off from a failed trade deal with China. One stock that is participating in the rally today is General Motors Co (NYSE:GM.) This stock has been declining since April 18, 2019 when it traded as high as $40.45 a share. Yesterday, GM stock tagged its important 200-day moving average around the $36.50 area. Today, that important support level is being defended and the stock is rebounding higher trading up to $37.22 a share. While this stock could trade a bit higher this week note that if the current U.S. / China trade deal runs into further headwinds more downside is imminent. Ultimately, I would get interested in GM stock around the $32.00 level. This is a spot on the chart where the stock was defended in January 2019 and will likely be defended again when tested. Nick Santiago InTheMoneyStocks
$VERI Breakout Alert... Nice little potential breakout on $VERI. Trend line taken out days ago, today a possible close above the daily 200ma. Gareth Soloway InTheMoneyStocks
Volatility $VIX Dips, Is It Setting Up For Another Surge? The CBOE Volatility Index (VIX) traded down to 11.03 on April 17, 2019. That was the lowest the VIX had declined since August 9th, 2018 when it fell to 10.17. Many traders and investors view the VIX as a fear gauge for the markets. Simply put, when the VIX increases it generally means that the market participants are fearful. On the flip side, when it declines it tells us that the market participants are generally relaxed, calm and often complacent. Recently, the VIX surged to 23.38 on May 9, 2019. Since that high in the VIX it has been declining. Today, the VIX is trading down around the 16.90 level and the markets are all rallying higher. As you can all see, fear in the marketplace has subsided for the time being. Will the VIX surge again? In my humble opinion, it will surge again and it won't be that far away in time. In the past, whenever the VIX has breached the 20.00 level it will usually do it again withing the next couple of months or sooner. So enjoy the relief rally in the markets from the recent oversold condition as it may not last all that much longer. Nick Santiago InTheMoneyStocks
Mylan NV $MYL Technical Signal Says Upside Near Term Shares of Mylan NV (MYL) have collapsed in the last two weeks, falling from over $28/share to under $20.00/share. This drop is a continuation of the down-trend which started when the stock was $48/share in early 2018. While nasty and ugly, pro traders are starting to take interest after Mylan put in a strong bottoming tail yesterday. Bottoming tails are bullish reversal signals. This means there is likely a near-term pop in the stock. Based on technical charts, Mylan has upside back to $26 before running into major resistance. Pro traders are moving into the stock, looking for this pop. Gareth Soloway InTheMoneyStocks
Bitcoin $BTC Target Price And Chart Analysis The surge in Bitcoin (BTC) is fully underway. The move higher was a no brainer and I capitalized on it with members as well as those that follow me on Twitter. My overall average is below $4,000 (though I did sell half of my crypto positions just on this latest surge). The one surprise for me was how easily it broke through the $6,000 resistance level. The $6,000 level now becomes support with Bitcoin trading near $8,000. The upside target near-term is now $10,000 and likely will be hit by year end, if not sooner. My thesis for why Bitcoin and other crypto-currencies are the future is strengthening by the day. Surging U.S. and global debt levels are unsustainable. The fact that central banks can print trillions-of-Dollars on a whim is and will erode the confidence people have in them. This will lead the world to a crypto-based monetary system, with caps on the amount that can be mined or the cost of mining will grow, slowing the amount of coins that are mined, much like it does for mining gold. I have long said, crypto is what our kids will be using as currency in 10-20 yrs. As a trader, I will be in and out of it quite often now, as it continues higher. However, I do believe in the long-term viability and future of the top coins. Gareth Soloway InTheMoneyStocks
Alphabet $GOOGL Slides After Huawei Fallout, Here's A Level Everyone Should Know This morning, the big news was that many leading tech companies would no longer support the Chinese mobile supplier, Huawei Technologies. Alphabet Inc (GOOGL) announced that they are suspending business with Huawei, they will no longer support its Android phone platform. This news has sent GOOGL stock lower by $22.64 (-1.90%) to $1145.98 a share. It should be noted that GOOGL stock has been weak since April 30, 2019 after they reported disappointing earnings. Recently, GOOGL shares were defended on May 15, 2019 at $1121.40 a share. In that trading session the shares surged higher by nearly $57.00, but have been pulling back since that day. Should the recent low in GOOGL ($1121.40) fail to hold as support it would send a major sell signal to the stock. The next major support level will be around the $1045.00 area for the stock. As of now, the stock is still holding firmly above that key level, but it is worth keeping on the radar. Nicholas Santiago InTheMoneyStocks
Semiconductor ETF $SMH Tagging Multi-Factor Support Shares of the Semiconductor ETF (SMH) are down again today as the trade war is red hot. Trading at $101.50, the SMH is now entering a multi-factor support area. First, the daily 200 moving average is here at $101.50. Next, the 50% Fibonacci retrace level from the December 2018 lows to the recent April 2019 highs is at $100.78. The fact that the Semi's are near-term oversold and hitting these two levels at the same time, gives a high chance of a strong bounce in the coming days. A bounce would likely take the SMH back as high as $110.00. Gareth Soloway InTheMoneyStocks
