I did not place a trade today. With last week being the worst trading week so far in 2019, there wasn’t much on the momentum scanners and it wasn’t clear what the market was going to do. Boeing had bad news this week, which also threw off market futures on the dow so futures were very spread.

The market crushed it today. +40 points on the S&P. I think this is a good sign that we will test the 2800 line on the S&P again soon and this isn’t too far away. Futures look good as I type. While this isn’t a huge move, I think it’s momentum that will help propel some more volatile stocks.

This week, I’ve got my eye on the medical marijuana sector. There has been a good bit of news in this sector recently and I think many of the charts are showing a pretty clear channeling or flag pattern. Many of these companies are cheap penny-pumper companies that I wouldn’t recommend putting money into, but some of the larger cap companies are a bit more stable. I’m going to be looking for an entry in CGC (Canopy Growth Corp). I don’t plan to go full position (thing 60-70%) but I’m expecting to buy below today’s close of $46.01. My plan is to hang and order out in the low $45 range to see if it gets filled. I’ll increase my price around lunch time if I don’t fill.

CRON is another marijuana stock that could be a good bet but this is a bit more volatile and I’d like to limit the risk as much as possible. This could be a good one to stare at if you just want to watch how the sector is doing.