The Wagner Daily – July 11, 2022
Below is the full, archived issue of The Wagner Daily swing trading report (sent to members the night before the publication date).
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Our timing model was designed to keep our trades in line with the prevailing market trend, not to call tops or catch bottoms in S&P 500 or Nasdaq Composite.
today’s watchlist (potential trade entries):
closed positions:
position notes:
- Per intraday alert, added to $LI
- Sold 1/4 of $XBI into strength for an 8.6% gain.
- $PRVA and $SWAV buy stops triggered.
Our timing model is back in buy mode after last week’s close above the 20-day EMA on the Nasdaq Composite.
As mentioned in last Friday’s report, we never know how long a rally will last. Our job is to judge the price and volume action on a daily basis and react accordingly, adding exposure as positions work and backing off if they fail.
The Nasdaq Composite closed at the prior swing high and 50-day MA. Let’s see if the price can punch through resistance and set a clear higher high.
The model portfolio added two new positions on Friday ($PRVA and $SWAV) and added to an existing position in $LI. Per intraday alert, sold 1/4 of $XBI into strength. The plan with the remaining position is to sell into strength at $90 or higher, or exit on a break of the rising 10-day EMA (whichever comes first).
Before we add more exposure, we’d like to see recent buys follow through to the upside.
There are a few stocks in play this week for those who are looking to add more long exposure (see unofficial watchlist below).
$ITCI is a biotech with triple-digit sales growth that is trading just below its all-time high. The daily chart is in play (unofficial) over last Friday’s high or over the range high.
Inside candle last month
$LNTH moved out above $65 on a pick-up in volume from last Friday’s unofficial watchlist.
Unofficial Setups – For experienced traders only, no guidance is given for these setups.
- Longs – $BMBL $PDD $ITCI $ZLAB $PRVA $GTLB (all in play over Friday’s high)
- Shorts – none
See you in the chatroom,
Rick
This list is a good starting point for monitoring the health of the market for those who have limited time.
https://morpheustrading.com/services/swing-trade-alerts
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