Man, I sure hope all you folks who rode Canopy up from $13.84 at the open to $17.30 later today did what we suggested yesterday and TOOK YOUR PROFITS.
I sold my Aphria stock for a handy double-plus and watched it go from way up to way down today, but the real carnage was happening over at Canopy Growth Corporation (CGC.T), where the company flew up so hard today it triggered trade-halting circuit breakers.
The carnage shortly thereafter followed, as the shorts went CRAZY on the stock and blew it down hard, triggering even more trade halting circuit breakers on the way down.
To be sure, if you bought in at $5 or so a few weeks back, you’re still rolling in green, but as happens to Canopy, so will happen to Aphria and Supreme and Organigram and Aurora and Mettrum, and the upward action of the last few days just couldn’t sustain through a vigorous short attack.
Now it’s a question of who has the bigger balls: The true believers who are trying to will the stock back into the green, or the shorters who are, right now, WAY up and may just take their profits.
My tip: I expect that as the money starts coming out from the craziness in big LPs right now, it’ll settle back in the little guys, so I’m moving my dough into those.