Chart of the Day - Tuesday, February 9th, 2021

Today’s Chart of the Day was shared on Twitter by Steve Strazza (@sstrazza). Pot stocks have been smokin' hot lately. The largest Marijuana ETF, $MJ, is up more than 100% since the start of the year. Steve points out that Aphria Inc. ($APHA), the largest component within $MJ, is breaking out of a multi-year base. In a comment to The Chart Report, Steve said, "Pot stocks have been garbage for years, but this newfound momentum suggests that a meaningful bottom could be in. When we drilled down into the industry, we found that the Growers & Distributors in particular, like $APHA, are breaking out to new highs and look poised to outperform. Not only does this show risk appetite for the broader market, but also risk appetite within the Marijuana industry. You know we're in a bull market if Pot stocks are ripping to new highs." For a deeper dive into this topic, check out this chart.