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Charting Man Dan from The Chart Guys Peerless Technicals on Recent Cannabis Sector Events
The Chart Guys stock trader Charting Man Dan McDermitt provides technical analysis and insight on the correlation between cannabis stock prices and the S&P 500. Charting Man Dan states that that S&P is a critical gauge of the overall market, which is why cannabis stocks have tracked so closely. McDermitt also reveals that cannabis stocks have lacked volume lately and when that occurs algorithms takeover, which are correlated to the S&P especially for companies listed on the NYSE and NASDAQ. McDermitt’s market outlook heading into American Thanksgiving is not positive and recommends defensive positions for retail investors. He endorses locking in profits and suggests using stop losses to prevent dramatic overnight drops. Looking ahead, McDermitt states investors will find out in the coming days whether the market is going to breach its February lows. He walks viewers through the technical analysis of two charts: Canopy Growth Corp (NYSE:CGC) (TSE:WEED) (FRA:11L1), which follows the S&P closely and ancillary cannabis company Innovative Industrial Properties Inc (NYSE:IIPR), which has bucked market trends.