News: 🍃 Cannabis Stocks May Have More Room to Rally

Monday, November 9, 2020

🍃 Cannabis Stocks May Have More Room to Rally

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Monday, November 9, 2020

Despite taking a breather on Friday, the stock market had a phenomenal week. The S&P 500 gained just over 7 percent. That's the best performance of an election week since FDR. What's even more amazing is that this move came days into counting votes in an election with no certain outcome over the next President.

From the down ballot races, however, it's clear that America remains deeply divided. America's two major political parties may be in need of couple's therapy, but for the stock market, that's the best outcome. Expect some volatility around recounts and lawsuits in the coming weeks, but also talks of stimulus to keep the latest rally going.

Actionable Trade Ideas For Today:

1		Unusual Pattern of the Day: Canopy Growth Corp (CGC) Cannabis stocks had a strong week following election results with a number of states legalizing the drug. So it's no surprise that the stocks rallied. However, a a few stocks are showing some unusual patterns suggesting a further rally. Canopy Growth Corp (CGC) is one of them.


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3		Overbought Stock of the Day: Ferrari (RACE) Shares of Ferrari (RACE) roared higher in the past week. The luxury automotive company reported a rebound in sales from earlier in the year. That allowed shares to vault to new all-time highs and break out well beyond its prior top.



4		Oversold Stock of the Day: Northern Oil & Gas Inc. (NOG) Following this week's market rally, only a handful of stocks look oversold. Unsurprisingly, many of them are in the energy space. One such example is Northern Oil & Gas (NOG).