Not long ago, the U.S. Department of Justice indicated that it would keep on giving leeway to states that have legalized cannabis, even though marijuana remains illegal at the federal level.
Then yesterday, the DOJ hinted that it would begin cracking down on recreational marijuana – and soon.
“In fact, we’re looking at that very hard right now, we had a meeting yesterday and talked about it at some length,” U.S. Attorney General Jeff Sessions said at a press conference yesterday. “It’s my view that the use of marijuana is detrimental, and we should not give encouragement in any way to it, and it represents a federal violation, which is in the law and is subject to being enforced… We are working our way through to a rational policy, but I don’t want to suggest in any way that this department believes that marijuana is harmless and people should not avoid it.”
Bless his heart.
Now I admire Sessions a lot. I’m with him on big priorities like fighting crime… stopping illegal immigration… and supporting local police departments.
But he has been and continues to be dead wrong on legal recreational marijuana.
The genie is out of the bottle.
This was supposed to be a lousy quarter for earnings.
But even the dourest of bears are starting to admit that’s not so.
The Wall Street Journal begrudgingly reported that forecasts for second-quarter profits for the S&P 500 came in better than expected.
The leading financial daily said per-share earnings were expected to decline by 2.6% for the period, or less than half the usual forecast for the June quarter.
But,” the Journal added – relishing the chance to add a sour note to its report – “that is no thanks to the technology sector.”
From where I stand, though, it looks like the good folks at the Journal just don’t know how to analyze technology stocks.
Fact is, four major tech firms just turned in top-shape earnings reports that are further bolstering the market’s post-Brexit rally. (You probably heard about the historic one from Facebook Inc.)
Consider that since the market started bouncing back on June 27 the tech-centric Nasdaq Composite has gained 12.7%. That’s49% better than the S&P 500’s returns.
Do you need further proof – more reasons – that you must be a tech investor if you want to ride the unstoppable trends that will beat the market?
Well, I’ve got four of them…
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