Analysis originally distributed on July 05, 20176 By: Michael Vodicka of Cannabis Stock Trades
Three weeks ago I wrote about Mexican President Enrique Pena Nieto signing a bill legalizing the use of medicinal cannabis THC, CBD, and all cannabis derivatives. The new legislation also makes it legal to produce and distribute cannabis for medical and therapeutic purposes.
This week, the global trend of cannabis legalization continues in the U.S.
On July 1, Nevada became the fifth U.S. state to legalize recreational cannabis.
This is going to be another huge cannabis market, fueled by the tens of millions of tourists that visit Las Vegas every year.
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Right out of the chute, demand is already blowing past expectations. Continue reading "Nevada Becomes Fifth State to Legalize Cannabis - Here's How you Can Profit"
Hello MarketClub members everywhere. As the trading week comes to an end, the DOW and S&P 500 are hovering around their all-time highs with the S&P 500 surpassing that mark as I write this. Weak economic data has also dimmed the chances of another rate hike this year, while lukewarm forecasts by J.P. Morgan and Wells Fargo have limited gains.
EDIT: Shortly after I posted this video the NASDAQ triggered a green weekly TT. Your key level to watch next week is now 6,081.96. A move below that level would issue a new red weekly TT.
Shares of J.P. Morgan Chase & Co. (NYSE:JPM) fell 1.3%, Citigroup Inc. (NYSE:C) was down 1% and Wells Fargo & Company (NYSE:WFC) fell 1.8%, despite their quarterly profits beating analysts' expectations.
Gold and crude oil are both posting weekly gains of 1.3% and 5.2% respectively.
Key levels to watch next week: Continue reading "Indexes Hover Around All-Time Highs"
Andy Hall has forsaken his bull oil market position. In an investment letter dated July 3rd, he wrote, “Whereas it once seemed positions could be held with an eye to a longer-term secular appreciation, that is no longer the case…. In short, OPEC, the market and oil bulls have run out of runway.”
Source: Amanda Gordon/Bloomberg
Mr. Hall explained his reasoning this way:
“Hitherto, it had been our view that oil would trend higher as prices would need to rise to a level that would justify investment in more costly sources of supply than just the core areas of US shale. However, not only has the core shale oil resource grown significantly — above all in the prolific Permian Basin — but break-evens have dropped because of secular productivity gains outpacing cyclical cost increases, at least for now…. If the marginal cost of oil for the next 3 or 4 years is headed to the mid-$40 range, then OPEC’s attempts to push prices to $60 seem futile.” Continue reading ""OPEC, The Market and Oil Bulls Have Run Out of Runway" - Andy Hall"
Hello MarketClub members everywhere. Stocks were sent for a wild ride today as traders weighed the impact of emails released by Donald Trump Jr. via Twitter.
The Dow initially fell 100 points on concerns that the Russia controversy that’s plagued President Trump’s presidency will worsen. However, the major averages recovered about half an hour later. The Nasdaq and Dow are now in the green while the S&P 500 remains in the red.
Key levels to watch this week: Continue reading "Trump Jr. Emails Spook Wall Street"
Last week Federal Reserve Governor Jerome Powell joined the chorus of prominent industry leaders and government officials calling for reform of the American housing finance system, namely by reducing the government’s role in the business and bringing in more private capital.
Some questioned why Powell should speak on this subject, given that – as he told his American Enterprise Institute audience –the Fed “is not charged with designing or evaluating proposals for housing finance reform.” Still, he pointed out, “we are responsible for regulating and supervising banking institutions to ensure their safety and soundness, and more broadly for the stability of the financial system.” Besides, he noted, he was expressing his own personal views on the subject, not necessarily the Feds.
But what caught the attention of a lot of people, including myself, was the sense of urgency for reform that Powell claimed existed. Continue reading "Put Your Money Where Your Mouth Is"