U.S. stocks continued their upward trend on the back of broad economic optimism. Consumer confidence is climbing to a seven year high, as people head into the heat of the holiday shopping season. U.S. indices continue to approach all time highs and investors give thanks for the upward trends.The S&P 500 notched a small gain of 0.29% to 2,073.
Cannabis indices are failing to levitate with the broader equity markets as cannabis stocks declined again today. MJIC Marijuana Index and Benzinga 420 Marijuana Index decreased amidst very low volume with a drop of 2.06% and 1.2%, respectively.
Daily Positive: Not much to say on this one today, unfortunately.
Over the past 48 hours we have watched a perfect example of manipulation of a company’s stock in action. Following mCIG’s morning press yesterday, we witnessed increased Twitter activity with the stock reflecting on an upward trend. Today, things are a lot quieter and the stock has erased all of yesterday’s gain.
This is an example of what happens when a group promotes something and then goes quiet, probably exiting at an elevated price. These actions leave investors burned and the stock hanging out to dry. mCIG is a pretty permanent name on the scene, so it isn’t going anywhere fast, just something to watch when you’re buying into companies. Certain investor exuberance may be self-serving rather than a clear indication of a good buy. The chart below illustrates this manipulation very clearly.