2019 Euro NASCAR: Advait Deodhar scores rookie podium despite difficult season-openerContinue reading →
Mazhar Mohammad said sustaining above Tuesdayâ€™s gap zone of 11,731â€“11,704 levels one can remain positive and look for higher targets placed around 12,000 kind of levels.Continue reading →
for more info click here https://blog.norml.org/2019/04/12/weekly-legislative-roundup-4-12-19/
Welcome to the latest edition of NORML’s Weekly Legislative Roundup!
At the state level, a bill to allow licensed social consumption spaces in Oregon was defeated for this year.
A bill to allow patients to use medical cannabis while on probation or parole died in Montana’s state Senate.
At a more local level, the city council of New York City approved a pair of municipal bills this week limiting situations where those seeking employment or on probation may be drug tested for past cannabis use.
Following are the bills that we’ve tracked this week and as always, check NORML’s Action Center for legislation pending in your state.
Don’t forget to sign up for our email list, and we will keep you posted as these bills and more move through your home state legislature and U.S. Congress. Another great way to stay up to date is Marijuana Moment’s daily newsletter, which you can subscribe to HERE.
Actions to Take
End Prohibition: The Marijuana Justice Act would (1) remove marijuana from the US Controlled Substances Act, thereby ending the federal criminalization of cannabis; (2) incentivize states to mitigate existing and ongoing racial disparities in state-level marijuana arrests; (3) expunge federal convictions specific to marijuana possession; (4) allow individuals currently serving time in federal prison for marijuana-related violations to petition the court for resentencing; (5) and create a community reinvestment fund to invest in communities most impacted by the failed War on Drugs.
Legislation is pending, House Bill 19-1230, to allow the social consumption of cannabis by adults in licensed and regulated establishments.
The measure would establish a license permit process for hospitality spaces to allow cannabis products to be legally purchased and consumed on site.
Update: HB 19-1230 was approved by the House Committee on Finance on 4/8/19 with amendments, and now awaits action rom the Committee on Appropriations.
Legislation is pending, House Bill 19-1234, to allow licensed marijuana businesses to deliver both medical and adult use marijuana to private residences.
The measure would establish a licensing system for such delivery services and also require training for delivery permit holders.
Update: HB 19-1234 was approved by the House Committee on Finance on 4/8/19 with amendments, and now awaits action from the Committee on Appropriations.
Senate Bill 1085 permits those age 21 and over to purchase and possess up to one and one half ounces of marijuana. The measure would also allow those with past marijuana possession convictions to petition the court to have their record expunged.
Update: SB 1085 was heard and approved by the Senate Judiciary Committee on 4/8/19.
Legislation is pending, Senate Bill 24, to expand access to medical cannabis in the state.
The measure would give doctors the discretion to recommend medical cannabis to any patient for whom they believe will benefit from its therapeutic use.
This bill would also remove the requirement that only certain specialists may certify the use of medical cannabis for those under 18.
Update: SB 24 is scheduled for a hearing in the Senate Health & Social Services Committee on 4/17/19.
Senate Bill 37 would reform the expungement processes for individuals convicted of non-violent marijuana-related offenses.
If enacted, the bill would expand the pool of those eligible to seek expungement to include those convicted of a single misdemeanor or felony charge related to marijuana.
Update: SB 37 was approved by the Senate Judicial Committee on 4/9/19.
Legislation is pending, Senate Bill 45, to amend certain marijuana penalties for juvenile offenders.
Under state law, adults face civil penalties for minor marijuana possession offenses. Senate Bill 45 would make this policy consistent for juvenile offenders.
Update: SB 45 was approved by the Senate Health & Social Services Committee on 4/10/19.
Legislation has been approved by members of the House Health and Human Services Committee to arbitrarily cap the potency of cannabis flowers at ten percent THC.
Update: HB 7117 was approved by the House Appropriations Committee on 4/9/19.
Legislation is pending, House Bill 673 / Senate Bill 1430, to expand medical cannabis access.
The measure would protect registered medical cannabis patients from employment discrimination by prohibiting employers from arbitrarily discriminating against employees who legally consume medical cannabis off-the-job in accordance with state law.
Update: HB 673 was unanimously approved by the Senate on 4/9/19, and now goes back to the House for concurrence on Senate amendments.
Legislation is pending, House Bill 1383, that would decriminalize certain marijuana possession offenses.
The bill would impose a civil penalty for the possession of up to three grams of marijuana, punishable by a $30 fine. The measure would also establish a system to expunge certain past cannabis convictions.
Update: HB 1383 was approved by the Senate on 4/9/19, and will now be transmitted back to the House for concurrence on Senate amendments.
House Bill 300 would allow Idaho to regulate industrial hemp production in addition to allowing for the transportation of hemp throughout the state.
Update: HB 300 was heard by the House Transportation & Defense Committee on 4/11/19.
Legislation is pending, Senate Bill 516, to amend the state’s existing industrial hemp law to be in compliance with the new federal hemp regulations.
Update: SB 516 was approved by the House on 4/9/19, with an amendment to allow the smoking of hemp flower. The House disagreed with the Senate’s amendments, so the bill will now go to a conference committee for reconciliation.
Legislation is pending, HF 754 and SF 599, to establish an industrial hemp program to be in compliance with the new federal hemp regulations.
Update: HF 754 was approved by the House Appropriations Committee on 4/10/19.
Legislation is pending, House Bill 509, to regulate adult use marijuana.
The measure would permit the use, possession, and retail sale of cannabis for adults 21 and over.
Legislation is pending, House Bill 59, to reduce marijuana possession penalties for first time offenders.
The measure removes the threat of jail time for first-time offenders who possess no more than 14 grams of marijuana (about half an ounce).
Legislation is pending, House Bill 1095, reduce marijuana offense penalties in Missouri.
This measure would reduce the penalty for the possession of up to 100 grams of marijuana or marijuana concentrate from a misdemeanor to a civil infraction.
Update: HB 1095 was heard and approved by the Special Committee on Criminal Justice on 4/11/19.
Legislation is pending, SB 430, that would expand the pool of individuals eligible for medical cannabis.
The measure would permit physicians to recommend cannabis therapy to those diagnosed with anxiety, autism, opioid addiction or dependence, anorexia nervosa, among others.
Update: SB 430 was heard in the Senate Committee on Health and Human Services on 4/8/19, and again on 4/10.
Legislation is pending, AB 346, to remove the prohibition on those convicted of certain marijuana related offenses from participating in childcare or healthcare related activities and employment positions.
The measure also establishes a process to allow individuals to have their records set aside when determining eligibility to serve in such capacities
Update: AB 346 was approved by the Assembly Committee on Health and Human Services on 4/12/19.
Legislation is pending, HB 350, to expand medical cannabis access.
The measure expands the pool of medical professionals who are eligible to recommend medical cannabis by permitting physician assistants to issue recommendations to their patients.
Update: HB 350 was approved by the Senate Health and Human Services Committee on 4/11/19.
Legislation is pending, Senate Bill 168, to expand the state’s medical CBD exemption law.
The measure expands the pool of individuals eligible for a medical CBD exemption to include those diagnosed with autism, multiple sclerosis, Crohn’s disease, and Mitochondrial disease.
Update: S. 168 was heard by the Committee on Rules and Operations of the Senate on 4/9/19, and was then approved by the full Senate on 4/10. The bill now heads to the House.
Legislation is pending, House Bill 2614, to amend the possession penalties for individuals who use cannabis for a qualifying condition, but are not in possession of a medical marijuana identification card.
The measure would reduce the penalty for this offense from a criminal misdemeanor to a citation, punishable by a maximum fine of $400.
Update: HB 2614 was approved by the Senate Committee On Health And Human Services on 4/8/19.
Legislation is pending, Senate Bill 305, to protect registered medical cannabis patients from employment discrimination.
The measure would prohibit employers from arbitrarily discriminating against employees who legally consume medical cannabis off-the-job in accordance with state law.
Update: SB 305 was heard in the House Rules Committee on 4/11/19.
Legislation is pending, Senate Bill 868 / House Bill 2628, to amend the state’s existing industrial hemp law to be in compliance with the new federal hemp regulations.
Update: SB 868 was approved by the House on 4/11/19, and will now be transmitted to the Governor.
Legislation is pending, House Bill 2655 / Senate Bill 379, to protect responsible adult cannabis consumers from employment discrimination.
Update: The Senate Judiciary Committee approved SB 379 on 4/8/19.
Legislation is pending, Senate Bill 420, to expand upon Oregon’s expungement law.
The measure would direct the Department of Justice to automatically conduct a review of past misdemeanor cannabis convictions, and to “set aside” offenses that are no longer a crime under state law.
Update: The Senate Judiciary Committee held a work session SB 420 on 4/9/19.
Legislation is pending, HB 1365, to provide qualified patients in Texas with access to medical cannabis.
Update: HB 1365 was heard in a Medical Cannabis Subcommittee on 4/11/19.
S. 54 is pending to establish a regulatory framework for the regulation of a commercial, adult use marijuana market.
Update: S. 54 was heard by theHouse Committees on General, Housing, and Military Affairs; Government Operations; and Judiciary this week.
Legislation is pending, Senate Bill 58, to amend the state’s existing industrial hemp law to be in compliance with the new federal hemp regulations.
Update: S. 58 was heard in the House Committee on Agriculture and Forestry on 4/10/19.
Legislation is pending, Senate Bill 5276, to amend the state’s existing industrial hemp law to be in compliance with the new federal hemp regulations.
Update: The House Committee on Appropriations held an executive session on SB 5276 on 4/8/19.Continue reading →
for more info click here https://finance.yahoo.com/news/10-billion-marijuana-producer-just-140900286.html
Canopy Rivers, the venture-capital arm of Canopy Growth, made its debut on the Toronto Stock Exchange Thursday morning at $18.44 per share. The company, which makes minority investments in burgeoning marijuana companies, in an attempt to become the “Google Ventures of cannabis,” found its way onto the exchange via a reverse takeover with a company formerly known as AIM2 Ventures.Continue reading →
LIVE Upgrades of This Initial phase of Unemployment at the 2019 Lok Sabha polls and Assembly elections in Several CountriesContinue reading →
for more info click here http://traderfeed.blogspot.com/2019/04/reading-relative-volume-of-market.html
Above we see a chart of SPY (five minute increments; blue line) over the past two trading days (4/3 and 4/4). In red, we see the relative volume of SPY. This is the ratio of the current trading volume to the average trading volume for that particular five minute period. So, for example, the spike in relative volume at 13:50 PM for 4/3 tells us that the volume traded was five times the average volume that we’ve seen during that 13:50 – 13:55 PM period. Conversely, during the prior topping period, note that volume was only half or so the expected volume for those time periods.
With relative volume, we can readily identify:
a) Whether rising or falling prices are attracting trader interest;
b) Whether larger institutional participants are active through the day;
c) Price levels associated with unusually low and high volume;
d) How the market behaves subsequently at those price levels.
It is not unusual to see cycles of varying duration in which falling prices attract volume (puking) and rising prices see volume dry up. This pattern occurred on a large time scale during 2018 and during shorter time periods such as above. Skilled traders can detect transitions in the relationships among price change and volume change to profit from cyclical movements that capture bull and bear psychology.
Yesterday on CNBC Warren Buffett sat down for a 2-hour interview with Becky Quick and shared his thoughts on a number of financial topics. Here’s a summary and select quotes, with videos and transcript below.
Warren Buffett Interview Summary
– On the economic signals he sees from all his businesses: “The rate of improvement has tapered but certainly hasn’t flattened … Home construction has been disappointing, but our retail figures in January were not strong, but January is a peculiar month. Right now things look fine.” He also noted he sees some signs of inflation in raw material costs.
– On the Federal Reserve & interest rates: “I don’t second guess (Jay Powell) at all. He’s a terrific choice.” He said what the Fed does doesn’t affect what Berkshire does.
– He’s amazed that ten years after the crisis that rates are where they are worldwide (especially negative rates) with the world doing ‘really well’ now. “The real question for investors: are these rates the new normal?”
– On Apple (AAPL): “The lower it goes, the better I like it obviously … If it were cheaper, we’d be buying it. We aren’t buying it here” This quote is interesting considering that AAPL was recently down as much as 30+% in the fourth quarter, but Berkshire was a net seller of shares as one of the portfolio managers (not Buffett) was selling. His average cost basis is around $141 per share.
– Likes financials as “very good investments at sensible prices. They’re cheaper than other businesses that are also good businesses by some margin.” Says Moynihan at Bank of America (BAC) was underestimated and has done excellent. Says JPMorgan Chase (JPM) is a very well managed bank.
– Wanted to be buying stocks in Q4 as they were cheaper, but it sounds like Berkshire was keeping cash on hand for a potential acquisition that didn’t materialize. He said they haven’t been buying equities yet in 2019 as the market as ‘basically gone straight up.’
– Notes that portfolio managers Ted Weschler and Todd Combs since joining Berkshire: “Overall, they are a tiny bit behind the S&P, each, by almost the same margin.” The now manage around $13 billion each. Buffett says they’ve also done better than he has over that time period.
– On the trade war: The tariffs have had some impact on some of his businesses. “It pushes prices up, there’s no question about that.” It hasn’t had a big impact at 10% but 25% you’ll have to make changes (pricing, sourcing, etc).
– On KraftHeinz (KHC): Brands in general aren’t what they used to be, and in many cases consumer packaged goods companies are being threatened by a ton of new brands, increasingly strong private label, and more. “The ability to price has been changed, and that’s huge.” On his investments he noted: “We didn’t overpay for Heinz … but we overpaid for Kraft.” Says the co still has real debt to be reduced.
– Sold Oracle (ORCL) quickly after concluding he didn’t understand the business well enough. His past dalliance with IBM also entered his mind. “I don’t think I understand exactly where the cloud is going.”
– “You do not want to have a political view in investing.”
– If Bloomberg announced he were running for President, he would be for him. If Howard Schulz runs as an independent, he thinks he’d take votes away from Democrats, so it’d be a mistake for him to run. Generally, third party candidates are going to hurt one side.
Warren Buffett Interview Video
Embedded below is the video of the full interview
Warren Buffett Interview Full Transcript
You can also read a full transcript here.
For more from Berkshire, be sure to also read Warren Buffett’s annual letter 2018.
Continue reading →
for more info click here http://feedproxy.google.com/~r/MarketFolly/~3/irX9PMMx6WI/what-were-reading-31319.html
The Misbehavior of Markets: A Fractal View of Financial Turbulence [Benoit Mandelbrot]
Transcript of interview with Federal Reserve Chairman Jay Powell [60 Minutes]
Status as a service [Eugene Wei]
The four fundamental skills of all investing [Collaborative Fund]
The perils of investing idol worship: The Kraft Heinz lessons [Aswath Damodaran]
A pitch on Nintendo [HardcoreValue]
A pitch on Molson Coors [Elevation Capital]
A look at the timeshares businesses [Yet Another Value Blog]
A look at HSBC [UK Value Investor]
How internet marketplaces unlock economic wealth [Bill Gurley]
DoorDash tops GrubHub & UberEats in food delivery [Fortune]
Google quietly releases hotel booking with potentially huge implications [Skift]
Pricing algorithms can learn to collude with each other to raise prices [MIT Tech Review]
Not caring: a unique and powerful skill [Collaborative Fund]
On Manchester United: the paradox of profits without trophies [FT]
Investors get burned after betting on electric car metals [WSJ]
Continue reading →
for more info click here http://feedproxy.google.com/~r/MarketFolly/~3/PUv7LhJf75M/what-were-reading-32019.html
The Best Way to Choose the Exterior Perspective [McKinsey]
Pitch on Brief Tesla [Dropbox]
Everything is Amazon [Zack Kanter]
Allen Zhang about the Crucial product Fundamentals of WeChat [WeChat]
KKR is too Inexpensive [Another Worth Website ]
Purchasing is Simple, Advertising is Tough [Bloomberg]
In 12 minutes, Whatever went wrong: LionAir crash [NYTimes]
The SaaS busines Version & metrics [Matrix Partners]
The Way an Program for Players went mainstream [The Atlantic]
the Chance of low Development stocks: Prestige Brands [Intrinsic Investing]
Industry worth: video Sport IP vs Film IP [Moderate ]
The 20 craziest investment Details [Irrelevant Investor]
Netflix is the most intoxicating portal [NYTimes]
Farmbelt bankruptcies are Towering [WSJ]
ESPN’s ex-President Needs to Assemble the Netflix of Sport [Bloomberg]
Interior HBO’s Strategy to Triumph the Buffering wars [Vanity Fair]
Interview Using Twitter CEO Jack Dorsey [Rolling Stone]
Continue reading →
for more info click here http://traderfeed.blogspot.com/2019/04/can-this-market-go-higher-still.html
Well, I have to say that the current rising market has not felt orgasmically great for many participants. It was a very challenging V bottom in late December and those hoping for a substantial pullback to enter an uptrend have watched the market move higher in January, then February, then March, and now early in April. I speak with a number of traders, and I have to say I observe little euphoria. If anything, the sense is frustration at not having participated in the rally.
So can this really continue? Can the market go higher still?
My aim is to examine the evidence in as open-minded a manner as possible. I want to be open to weakness and strength, bear and bull possibilities. And, perhaps most of all, I want to openly acknowledge when my research shows little directional edge.
Back in September, we were seeing growing weakness across a number of sectors and a cumulative uptick/downtick line that could not make new highs despite fresh highs in the large cap indexes. That led me to question the upside. Conversely, in early March, I took a look at what happens after a year starts with consecutive strong months and found a surprisingly bullish outlook. A couple of weeks later, my look at that uptick/downtick line reinforced the upside view.
Well, that line has continued to make new highs. There are no signs of divergence as occurred at the 2018 peak. Moreover, we’re not seeing any expansion of short-term new lows, as happened late last year. Indeed, fresh one-month new lows across all exchanges (as reported by Barchart.com) have been quite low, which historically has led to bullish returns on a next 20+ day basis. Usually, if there is going to be significant weakness, we see some sectors lead the way down, as housing did in 2007. That weakness just isn’t present at this time.
I noticed an interesting event at the Friday close. Over 80% of all SPX stocks closed above their 3, 5, 10, 20, 50, and 100-day moving averages. (Data from the excellent IndexIndicators.com site). That is very broad strength. Going back to 2006, we’ve only seen 23 similar occurrences–and none since 2013! Many of those occurrences were seen in 2009 and 2010 and then again in 2012 and 2013 during protracted rises following market weakness. Indeed, if we examine those 23 occurrences over the next 20 and 50 days, we find 17 occasions up and 6 down for both time frames. The average 20-day gain was about 1.5%.
What this says to me is that we’re seeing significant upside momentum in stocks. Historically, such momentum has led the market higher, though not necessarily at the same rate previously seen. The main takeaway is that we can’t conclude that we’re heading lower simply because we’re “overbought”. Whether we think the valuations are justified or not, whether we like macroeconomic forecasts or not, equities have found meaningful demand. Perhaps that’s not so surprising in a world of low interest rates and tepid growth: U.S. stocks may offer some of the few havens for yield and growth. It may also be the case that the stock market, which has been kindly disposed to the current U.S. administration ever since the 2016 election, could display similar behavior should odds of re-election increase.
In any case, we’re seeing broad strength and few signs of weakness. A normal correction, given low levels of volatility and volume and the fact that stocks making new 52-week highs are not expanding, is clearly a possibility. If the mood of participants that I speak with is indicative of a more general mood, any such pullback may find interest from frustrated traders late to the party.