U.S. energy stocks moved down on the news that OPEC would not be easing supply, which caused oil prices to tumble over the holiday. The broad market overcame early pressure but failed to materialize into a meaningful rally as the S&P 500 closed lower for the day with a drop of 0.23% to 2,068. Meanwhile, the commodities brokers are forced to sit on their hands until Monday; their markets are currently closed. With news like this, investors are thankful for a short market day.
Cannabis indices continue to trade poorly on this shortened market, light volume day. MJIC Marijuana Index moved lower by 2.3% and Benzinga 420 Marijuana Index ended near unchanged.
Daily Positive: Health Canada gave out a new license for the first time in a while. Aphria is likely a name to watch. You can review the current list of Canada’s 14 producers on Health Canada’s website.
Daily Negative: Light volume, but this is to be expected on Black Friday when everyone is out spending money or recovering from Thanksgiving festivities.
This is the final push of the year as we rocket into December. After surging in Q1, cannabis stocks have lost significant gains ever since. It would be great to see the cannabis sector finish strong in 2014 so that we can begin a new year with momentum. Year end is always a good opportunity to reflect on your decision making process. What worked, what didn’t work? How does this reflect on your positioning for 2015 and beyond. Further, consider what names seem to have staying power, who might be the names worth noting for the future? These are likely the ones to line up for the next phase of the industry. Why place a bet on a lame horse when there are others with more potential to take you across the finish line?