Here’s a follow-up on the Scotts Miracle Grow (SMG) trade. Still going….. (December 29, 2017)
SMG
I want to go back to the well here at Scotts Miracle-Gro ( NYSE: SMG ). I covered this yesterday and noted that this stock was breaking out. This is what it looked like yesterday; there are a few things happening, first of all, technically the chart just looks pretty good.
Also, on Monday you could buy pot at your local grocery in California. I am exaggerating but not by much. It is legal, you can go and get your pot, get as high as a kite. Do whatever you want to do; it will take your mind off all the stuff that California is doing to us to make life just a wonderful experience in this beautiful state. So we are going to have a lot more kids getting high, they are our future so take heart. Scotts Miracle-Gro ( NYSE: SMG ) is a part of that, you need fertilizer to grow the weed, right?
This stock has been moving higher for a while but what is really interesting to me is it has actually been in this base, not free base, that is different, but it has been in this base for a long time. So this is a pretty solid foundation from which this stock can spring higher. I think we are going to see more good news coming out of the company. I think there is a lot of momentum for this stock. The thing is, it is at $107.00 right now; you could buy this and set your stop a little bit below $100.00, so you are be taking an 8 percent risk. You are risking 8 percent and this is the kind of pattern you are getting. This is seriously a monster pattern.
I think this stock goes higher. I think you can buy it with a stop under here. Roll yourself a nice fatty and watch just watch this stock move higher and think of all the wonderful things that you can do with the money you are making on Scotts Miracle-Gro ( NYSE: SMG ).
Free Chart