Use These Breakdown Stocks for the Ultimate Hedge
I’ve been receiving tons of emails from my subscribers this week… Well, it actually started about two weeks ago, but that’s beside the point I’m trying to make.
The most frequently asked question I’ve gotten lately is “Have pot and EV stocks fizzled out?”
It’s what everyone wants to know...
And because I’m here to help you figure these things out, I’ve decided to flip the script of today’s video to answer the most common and important question I see in my inbox.
So let’s get to the bottom of whether pot and EV stocks have fizzled out…
Have Pot and EV Stocks Fizzled Out?
The Russell 2000 is currently trading below its 50-day moving average. That’s relevant because the Russell is home to some of the biggest pot and electric vehicle (EV) stocks.
And with the recent meltdown, many investors and traders are left wondering if the rally is over... Or if we’re just witnessing a pullback in the two sectors that have heated up the most in recent months.
So the first thing we want to look at is earnings from some of these stocks.
Let’s start with Trulieve Cannabis Corp. (OTCMKTS: TCNNF). It’s the fastest-growing pot stock in Florida, and will give us a good indication of where the industry stands. And a quick side note: It’s also one of all-time favorite pot stocks!
Trulieve is currently trading at its 50-day moving average. But its revenue for the quarter ending Dec. 31, 2020, saw the stock rise 110% year over year to $168.4 million, beating Wall Street expectations of $160 million.
And other stocks in the cannabis space are demonstrating the same kind of growth, which tells me current corrective pressure in cannabis stocks could merely just be pullback.
So check out my video below to get more information on whether pot and EV stocks fizzled out, and be sure to leave your thoughts in the comments section below.
And as always, don't forget to subscribe to my YouTube channel if you haven’t already so you can be notified as soon as I post my next video!
