I agree that once the buying starts it will be an extremely fast paced ride back to where we started if not higher. The problem that i'm seeing is that today is the shorter's off day and we can't seem to gain ground. I have observed that a massively shorted day will be followed by a cooling off day so they can see the market reaction to what happened. If weak buying pressure on the day that follows the 'short day' leads to little or no raise in SP then it would seem a good indicator to short again as market sentiment appears bearish.
Quite simply, People are not giving off any indications that current SP is a good deal. there is weak buying pressure, people are sitting and waiting rather than chasing the sellers. Compare shortman stats to charts, a big short day followed by a big green candle and they won't try again.
I believe this is because too many people have been throwing around outrageous low ball predictions leading to people standing on the sideline expecting ridiculous prices instead of realizing the extremely good value the SP is in low 40's.
We need a BIG GREEN candle today, or an ann regarding GelPell Monday morning could save the day
Good luck to all holders
MMJ Price at posting:
41.5¢ Sentiment: Buy Disclosure: Not Held
