Today was a great day for Sundial Growers Inc. There was 1.74B in volume, with a high of $1.32. I’ve waited a long time for us to break and hold above $1.20. Tomorrow I’ll be looking for a continuation up. The cannabis sympathy plays that tend to move with SNDL are HEXO, KERN, ACB, TLRY, CANF, and other.
Featuring: AMC Entertainment Holdings, Inc. (AMC) with 434.61M in volume
AMC opened Premarket at a high of $17.83 and closed Aftermarket at $12.45. Once again, there were issues with some platforms including Robinhood and TD Ameritrade. Buys weren’t going through, would contributed to the drop in price. People lost patience as they started jumping out of their positions and chasing after silver plays. Analysts decided that AMC would also get a downgrade, clearly with the goal of plummeting the stock.
The Psychology Behind Traders with Large Followings
Bulls who switched to Bears last week, switched back to Bulls for 1 day and then back to Bears by mid-day. Of course, their followers followed suit because that’s the thing to do. I’ve been doing this long enough to know the psychology behind these individual’s tweets. One moment, we’re holding the line and sticking it to hedge funds and the suits, the next moment, we’re all being unrealistic and will lose all our money if we hold our positions. That’s how I know someone went from long to short. I used to do the same thing when I didn’t know any better. Looking back, I’ve lost more money because I didn’t hold, and kept trying to chase the next big thing. My advice, just be careful and be bold enough to stay the course if that’s what you want to do. Have a plan in place before you enter a trade, that way you won’t be easily influenced by someone who has ulterior motives.
Top 10 Green Positions (02/01/21):
Top 10 Red Positions (02/01/21):
I monitor Market Movers every single day to scan for new setups. I mainly look for positions with unusual volume that are at the bottom, ready for a reversal back up, or if they remain green, I look for a bullish chart for a continuation.
As always, if you made some massive gains, be sure to support your local and small businesses. Be the change you wish to see in the world. Believe it or not, we can make a difference in keeping these businesses open!
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