Mish’s Daily: Stock(ing) Stuffers That Could Be Lovin the High 2024
Just for the fun of it and since we did not include it in our Outlook 2024, I decided to have a look at what experts are saying concerning mushrooms, cannabis, and hemp.
After all, recreational and medical alternatives as investments, have been huge underperformers and a bit of a legend in their own minds.
As I looked around, I saw predictions for increasing sales of pre-rolls, reduction of THC percentages in products to encourage more sales, improving medical benefits and the continuing rise of mushrooms as contenders.
What caught my eye though was this:
“In 2024, hemp beverages will do more to normalize cannabis in the minds of the consumer than any other form factor.”
CQ is a beverage company that makes hemp-infused juices and sodas.
The cans are fun. The message is “Crafted from the highest quality ingredients, expect a refreshing infusion of real fruit and terpene-rich cannabis for a deliciously juicy buzz.”
They are not though, publicly traded.
Hemp, I mean hence, I looked up four stocks I found surprising technically and perhaps great for the new year to add to your portfolio.
Altria (MO) came up on my search for companies that sell hemp and other infused companies.
Underperforming SPY and yet an improved phase change to recovery tells me this is one to watch.
MO spent all of 2023 under the 23-month moving average. Watch for a move over 46.00.
Anheuser-Busch InBev (BUD) looks better.
Also underperforming SPY, check out that golden cross.
Momentum interesting as well, watch this one on a weekly close over 65.00.
Molson Coors Beverage (TAP) had a huge drop from the highs last week. However, the longer-term charts look fine.
Some volume and a shove back over 64.00 looks interesting.
AbbVie Inc (ABBV) looks the best right now. This is outperforming SPY and momentum is super strong.
Why ABBV? Marinol, a compound known as dronabinol, is a synthetic form of THC that shows the promise of cannabis as a treatment.
More importantly, is it a direct sign of traditional pharma navigating the alt treatment space.
Over 155 could easily take this to 175 or beyond. For educational purposes only-all trading comes with risk.
Written by Michele ‘Mish’ Schneider
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Mish in the Media
Business First AM Stock pick-Vaxcyte PCVX 11-29-23
Business First AM All about the bullish case for gold 11-29-23
Schwab Network with Nicole Petallides Mish talks about money supply, debt, the consumer, inflation and trends that could gain traction 2024 11-29-23
Your Daily Five StockchartsTV Good Ole Stock Picking-6 with actionable levels 11-28-23
Business First AM–Mish covers Palo Alto and how the quants picked up this winner 11-27-23
Real Vision Daily Briefing Mish and Maggie cover Inflation, Tech, Commodities and Picks 11-20-23
Yahoo Finance Mish and Rachelle talk trading range, fundamentals and how to think about commodities right now 11-20-23
BNN Bloomberg Open Mish covers the emotional state of oil and gold plus why small caps are key right now..plus a couple of picks! 11-17-23
CNBC Asia Partial Clip on Oil, OJ, Beans and how to trade volatile commodities 11-16-23
Making Money With Charles Payne Fox–Mish discusses small caps and how they could still run, the Fed and gives 3 picks 11-16-23
Business First AM-Tencent Music TME 10-27-23
December 20 Outlook 2024 Stockcharts Panel
December 22 Yahoo Finance
December 28 Singapore Breakfast Radio
January 2nd Final Bar Stockcharts Dave Keller
January 5th Daily Briefing Real Vision
Weekly: Business First AM, CMC Markets
S&P 500 (SPY) 475 resistance 465 underlying support
Russell 2000 (IWM) 200 resistance and 194 support
Dow (DIA) Strongest index and needs to hold 370
Nasdaq (QQQ) 410 resistance with support at 395
Regional banks (KRE) 47 support 55 resistance
Semiconductors (SMH) 174 pivotal support to hold this month
Transportation (IYT) Needs to clear these highs and hold 250
Biotechnology (IBB) 130 pivotal support
Retail (XRT) Huge gap up last 2 days of the week that now needs to hold.