Volatility is reaching levels not seen in equities in the last several months. U.S. stocks started out the day extremely weak, rallied, sold off and climbed back to end the day lower, but significantly off the daily lows. Talk about whipsaw action. The S&P ended the day at 1862 which puts the market decline of ~ 7.8% from recent highs, a correction I have been anticipating.
Daily Negative – GW Pharmaceuticals added to yesterday’s weakness with declines of ~5%.
Elections are quickly approaching so the battleground is heating up. Florida is certainly a state of interest and contention. The group leading the opposition to medical legalization is well funded. Anyone with interest in that state becoming a medical market should take some time to understand this and the campaigns working for legalization.