Smokin' Dope and Betting Sports at the Bucket Shop, Yasee?

It almost feels wrong to be without exposure to either sports betting or cannabis stocks (or both), given the inevitable money which will find its way to these sectors on the back of the latest stimulus checks, not to mention the general "Hey, it's spring after a long winter and a stressful pandemic, let's have fun and spend!" vibe which also seems inevitable. 

Sports betting stocks, crypto (especially the NFT craze), and pot stocks all strike me as modern day bucket shops which create a vicious cycle of speculation upon speculation, to the point where actual underlying asset analysis is for the birds...and old geezers. Sooner or later, of course, reality comes home to roost. 

But with NCAA's March Madness kicking off at the end of this week after last year's great American event was totally cancelled, it is worth noting that television ratings for March Madness are never quite as good as you think they will be. No, that is because is is primarily a gambling event, and the office pools of yesteryear with the secretary picking colleges with the cutest mascots has morphed into being able to straight up gamble on every game plus prop bets on your choice of apps in most states. 

Thus, a play like ELYS is worth a look for momentum. One technical aspect: The daily chart, below, shows a possible shakeout on the righthand side of a long sideways base. This can be a particularly bullish phenomenon since it disguises the upside breakout incoming and shakes out a heavy dose of longs before doing so.

Given how strong leaders like DKNG PENN have been, I suspect as ELYS makes inroads in America from overseas it gives this chart a good shot at an explosive breakout to coincide with the marriage of stimmy money and March Madness.