The sharp drop in the market yesterday following the backtest of the recently broken trendlines followed by an extra boost from Trump’s tariff threat tweet resulted in the nearby stops on the MJ (Marijuana ETF) and CHK (Chesapeake Energy) Long Swing Trades. CHK was also the victim of the largest single-day plunge, nearly 8%, in nearly 4½ years.

MJ hit the suggested stop of 27.30 for a 2.8% loss with the stock already rebounding sharply (+3%) so far today despite another sharp drop in the stock market out of the gate so far today. MJ is still trading around a fairly strong support area & I still think the trade has potential. As such, I will continue to post updates & consider adding it back as another official trade idea, depending on what I see going forward.

CHK hit the suggested stop of 1.75 for a 5.4% loss on that sharp hit the energy sector yesterday & will also be moved to the Completed Trades archives now, along with MJ. At this point, I’d prefer to see CHK take out Wednesday’s highs and/or the charts of crude oil to firm up before considering it as another long trade idea.