The Gilmo Report

February 14, 2021

February 13, 2021 4:15 pm ET

The market shows that it is still able to take a licking and keep on ticking as the indexes shrugged off some selling pressure earlier in the week and marched higher. The NASDAQ Composite Index posted an all-time closing high on Friday while the S&P 500 pushed to fresh all-time highs, all on lighter volume.

 

 

The crazy FOMO action in cannabis stocks earlier in the week got rubbed out quickly. Canopy Growth (CGC) looks bad enough on a sharp break off a climactic near-term peak, but Tilray (TLRY) is absolutely absurd. A more than 100% move in two days evaporated just as fast, illustrating the crazy FOMO action that can suddenly take hold in a particular group of stocks as the Reddit-Retail investing crowd mindlessly piles in.

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