U.S. stocks gravitated around the unchanged line as investors digested continued pressure out of the energy sector. Saudi Arabia appears to be flexing their pricing muscle, putting U.S. fracking to the test. Regardless, consumers will welcome lower energy prices. Stocks stayed in check on this election day with the S&P 500 closing the day down by 0.29% to 2012.
Cannabis indices experienced moderate selling pressure as some of the recent big winners succumbed to profit taking. MJIC Marijuana Index and Benzinga 420 Marijuana Index decreased by 2.58% and 3.2% respectively.
Daily Positive: Rotation almost seemed to be underway this morning with a move on from the bid-up garbage; however, the momentum does not seem to be holding. So, today we will call it a Daily Mediocre.
Daily Negative: The election day/year-end rally is a common theme in the cannabis space. A contrarian would caution this herd mentality and would not be surprised to see a “buy the rumor, sell the news” type of action as election day passes.
Today is Election Day and the polls are still open as of this post. If you have not done voted, please get out and vote to support the issues and people that matter. Voting is more complicated than you might like, but it is worth it to take a minute to check it out. Get to the Polls is a website that can help you find your voting location.
Also, you can use a variety of sources to help to understand the different initiatives. Voter’s Edge is helpful. Politics are part of the business of cannabis for the time being so every election will result in changes for our investment landscape. Using your electoral power is a smart investment strategy.