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Weekly Position Updates / Extreme Trade Updates (10/14/18)

Extreme Trade Updates (10/14/18)

October 14, 2018

The following trades remain on hold:

MedMen Enterprises (MMNFF) — $4.25

We recommended MMNFF just last week at $4.25 as we near Canadian legalization.  The stock is now up to $5.72 and running on news that it acquired PharmaCann in a $682 million transaction.  According to MedMen CEO, Adam Bierman, as quoted by Business Insider, “This is a transformative acquisition that will create the largest US cannabis company in the world’s largest cannabis market. This would not have been possible even two years ago and is a testament to how far both the industry and these two companies have evolved.”

Aurora Cannabis (ACBFF) — $10.36

ACBFF is another hot marijuana stock likely to push higher as we near Canadian legalization.  It last traded at $10.52.  We have a target of $15, near-term.

iQIYI Inc. (IQ) stock – $30.85 entry

We closed the calls for a loss, but we still hold the IQ stock.  It last traded at $26.

Adobe Systems (ADBE) — $248.96

The stock now sits at $249.19 and remains a hold.  We have a near-term price target of $280.

Raytheon (RTN) — $187.12

RTN is back up to $191.69.  Hold the stock with a near-term price target of $210.

Twitter (TWTR) — $32.68

Hold the stock.  It’s aggressively oversold at a current price of $28.

Barrick Gold (NYSE:ABX) — $10.25
ABX January 18, 2019 10 calls — $1.01

As gold begins to rebound higher, related stocks are beginning to push higher.  We have a near-term price target of $14 on ABX.  It last traded at $12.48.

Micron Technology (NYSE:MU) — $49.85
MU October 19, 2018 52.50 calls — $2.46

The stock pulled back in recent days on a tech sell off to $42.55.  Hold both positions at the moment.  MU has become aggressively oversold.

Weight Watchers (NYSE:WTW) — $73.87
WTW October 19, 2018 80 calls — $2.85

Still oversold, we have a near-term price target of $92.50.  That would refill its bearish gap from August 6, 2018.  Hold.

Goldcorp Inc. (NYSE:GG) — $10.84
GG January 18, 2019 11 calls — 78 cents

The stock is down slightly at $10.80.  We continue to hold on oversold conditions.  We have a $15 price target.

OrganiGram Holdings (OTC:OGRMF) — $4.98

As the marijuana story heats up on corporate interest and Canadian legalization in October 2018, stocks such as OGRMF should continue to push higher.  It last traded at $5.78.

Newell Brands (NYSE:NWL) — $21.55
NWL December 21, 2018 22 calls — $1.58

NWL is still technically oversold.  With patience, we believe it could eventually refill its bearish gap around $26.40.  Hold.

Kroger Company (KR) — $29.65

KR is still oversold, now trading at $26.92.  It’s a hold.  We’re looking for a bearish gap refill at $31.50.

ACADIA Pharmaceuticals (ACAD) — $20.02.

ACAD now sits at $21.72.  While it’s a bit overbought here, we are holding long-term.

Zayo Group (ZAYO) — $34.85

ZAYO now sits at $30.95.  As we near the 5G boom effect, we’d like to see ZAYO refill its bearish gap at $38 a share.  Hold.