Equity weakness resumed today with energy prices continuing to plunge to multi-year lows. Weakness was broad amongst different market segments and company sizes. Red covered the board going into the latter part of the trading day. Apparently investors have been naughty as the Santa Claus rally is looking to take this year off. The S&P 500 declined by 1.64% to 2,026.
Cannabis stocks continue to wallow amidst terrible volume. At the moment, we don’t see a catalyst to change things, so it is hard to point to any meaningful reason for the space to improve until 2015. Supply and demand are going to be biased to the sell side knowing the large amount of tax loss selling that will continue through year end. MJIC Marijuana Index and Benzinga 420 Marijuana Index declined by 6.28% and 2.26%, respectively.
Daily Positive: No comment.
Daily Negative: Nhale (OTCBB: NHLE) is back out with another low quality press release as they “move closer” to signing an LOI. Why is this press worthy? What are investors supposed to think of this piece of information? Please stop with these press releases. Here is a suggestion, wait until the LOI is closed before issuing another press release with regards to this matter.
Wednesday Pump Alert: Market manipulation is apparent today, making us wonder if this is hump day or pump day? A very widely known group in the social media world has successfully manipulated The Now Corporation (OTC: NWPN). This is a PINK sheet stock with a very questionable financial reporting history.
The company issued a press release about a joint venture today, but that doesn’t justify the price movement that followed. The stock shot up twice today after two pumping media blasts came from the same group throughout the day. Please use caution when seeing overly positive email blasts and social media posts.