In our June Top 40 Report, Pot is out and peas are in, we noted that insider sentiment in the pot-stock heavy Pharmaceuticals industry was not sending a bullish signal and suggested more weakness or consolidation ahead for cannabis stocks. Since the report, the Horizons Marijuana Life Sciences ETF (HMMJ) is flat as of late Thursday morning. Meanwhile, the longer-term trend continues to look weak with the ETF trading below its 200-day moving average.
Insider sentiment does not suggest a reversal in the downward trend any time soon. Our 30-day Pharma Indicator has yet to put in a clear peak which would signal peak insider buying. Typically, peak buying coincides with stock price lows.
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