Last week, we touched upon the fact that the February comments from the White House pertaining to stricter enforcement of federal recreational marijuana laws appear to have walked back by Jeff Sessions. That led us to reassert our interest in closely tracking pot stocks. as the cannabis industry's feet have been pulled from the fire, so to speak.
On Friday, we tagged POTN for the first time after noticing some recent increases in volume and price action, and it was a solid idea for the day. POTN traded in a range from .038 to .055, for chances at intraday gains of up to 45% on volume of roughly three times the monthly average. It led to a strong close, just a tick under a nickel at .049. We'll definitely want to continue to monitor this play as we kick off a new trading week.
Snap, Inc. SNAP – Options Recap
After noticing it in a bearish pattern, then getting word of an analyst downgrade, we went with a bearish options idea for SNAP on Friday, and it worked out quite nicely for us. We had signaled the SNAP Weekly $20 Puts for possible quick-strike trade opportunities, and it was there for the taking.
Those contracts traded up from a low of .30, and reached 1.04, an intraday move amounting to 246% Cheers to anyone who was able to use that move to their advantage!
EV Energy Partners, Inc. EVEP
Both of the above-mentioned plays appeared in our reports for the first time ever on Friday, and continuing along that track, we're going to highlight another stock this morning that we haven't covered before.
EVEP has the look of a bottom-bouncer as you can see from the following chart snapshot. We're going to put this one on our watchlist as a potential extended rebounder, with the RSI about to crack above the 50-line and the MACD just having underwent a bullish cross.
Extended Watchlist: INNL, AXTI, FCEL, KERX, XTNT, MDCO, ICLD(Provided it holds support @ .03)
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