I think that pot stocks are going to be a little volatile and may be a little harder to trade with the risk introduced by the Federal government on Thursday. The week prior they were awesome swings. The Canadian pot stocks like WEED and APH were great and offered the best reward because of the Canadian Government’s legalization of pot moving forward. However, I know that many of our traders here do not have access to the Canadian markets. At this point these are the only ones I have traded. I did look at some US listed pot stocks but did not see any tradable charts last time I looked.
In summary, I think the sector now has a grey cloud hanging over it but will be watching price action.
What about BAC for swing trade?
Reason: Strong uptrend, outperforming S&P for a long while, strong economic outlook for 2018 based on analyst
Swing strategy: 10 new highs, 1 new low within 180 days
Current Price: $30.33
Target Price: $33.33 (10% growth)