We only have one day until our call on Canopy Growth Corp. (NYSE: CGC) expires, and the stock has failed to bounce.
Let's preserve capital on this trade by exiting now...
Action to Take: SELL-to-CLOSE CGC Oct 2, 2020 $14 Call (CGC201002C00014000) at market.
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CGC
I just sent you this week's Cash Clock recommendation on pot stock Canopy Growth Corp. (NYSE: CGC).
And now, in the video below, my Chief Options Strategist Mike Wade will show you exactly how we plan to take a 100% profit on CGC by Friday.
Check it out...
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Medicinal and recreational marijuana company Canopy Growth Corp. (NYSE: CGC) has been under pressure of late, dropping to $14 support last week. The channels are now perfect for a high-probability bounce.
CGC Channel Collision Indicator
The support lines of the long-term (pink), medium-term (yellow), and short-term (green) channels are colliding beautifully with $14 support, providing an excellent pivot point for a bounce and a quick double by Friday. This trade will double before $15!
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“Ask Shah” Exclusive
While I ordinarily reserve "Ask Shah" questions for the monthly issue of Money Map Report, I wanted to send them to you today, because while this epic rally is still going strong, there are a couple of moves you can make today.
First of all, I want to get down into the weed with you. That's not a mistake, I meant weed as in pot, not weeds as in the stuff that messes up our pretty gardens.
I get lots of questions about pot stocks and cannabis investing, and I know a little. But, I'm not the expert. I go to the experts and report back to you all based on what I learn from them.
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If you know me, you know one of my tenets of investing is that you stay away from the crowded trades.
Over the last year, the cannabis sector has been a great example of this. Back in 2018, we saw a running of the bulls into every corner of the cannabis sector as companies like Constellation Brands Inc. (NYSE: STZ) and others announced huge investments into these companies.
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Last week, Canadian cannabis companies announced that Canadians are smoking less than expected. Already under pressure since March, numerous cannabis companies sank further on the news. Canopy Growth (NYSE: CGC) was among them.
Later in the week, the US House voted in favor of a bill that would lift the federal ban on pot. CGC, among most other cannabis stocks, rallied on the news with a huge V3 volume spike.
CGC pierced the low of the prior volume spike day, giving us an ideal bearish entry.
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I just sent you a detailed video about our open positions - and now, we're closing one of them out.
As you saw, our Canopy Growth Corp. (NYSE: CGC) trade is doing well. And now, it's doing more than well. CGC just hit our profit target!
So, if you had your exit strategy in place, then you would have already taken profits on this position. If not, here's how to close out of CGC now...
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Marijuana producer Canopy Growth Corp (NYSE: CGC) broke below the low of the volume spike day yesterday - signaling the perfect time for a bearish entry.
Because the stock bounced up and settled halfway within the range of the volume spike day (within the red "candle"), we are going with a high probability credit spread only at this point. If CGC begins to break down even further, then we may add a long put - but I'll let you know if that happens.
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We're always on the lookout for red-hot trends that promise to deliver massive profits for savvy tech investors.
We often make that a big part of the investment thesis. But sometimes, we find that there's even more going on than we realized at first.
Take what's happening with Globant SA ( NYSE:GLOB). The firm uses AI and other tech tools to help clients convert almost any process into a digital application.
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Last week, we discussed how the current market volatility had given us the chance to add to our position in Canopy Growth Corp. (NYSE:CGC) at a nice discount.
And the market's recent chaos on fears of a tech crackdown handed us the opportunity to complete this position at bargain basement prices once again. Our lowball limit order for the final, one-third leg filled on Monday.
Right on schedule, yesterday we got a nice rally that buoyed stocks across the board. Canopy ended up nearly 6% for the day.
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