The Wagner Daily – October 12, 2021
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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MTG Market Timing Model – sell
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 $UPST.
- $DOCN stop triggered for a small loss.
In last night’s report, we discussed the possibility of $SPY and $QQQ testing prior lows if last Thursday/Friday lows did not hold. On Monday, stocks followed through to the downside with both $SPY and $QQQ closing beneath the prior day’s low and the 10-day EMA. Unless there is some sort of quick, snap-back move above the 10-day EMA on Tuesday, we would expect further weakness in the short term.
The model portfolio stopped out of $DOCN on the open for a small -2% loss on a 1/4 position. Per intraday alert, we added another 1/3 position to $UPST. Per last night’s report, Ultrashort QQQ ETF $SQQQ buy stop limit triggered and we are now short $QQQ for a swing trade.
There are a handful of stocks that continue to act well despite the market selling off. These stocks may struggle to push higher until conditions improve- $MRVL DDOG $TSLA $AMBA $NFLX $PFRT $PANW $DOCN $TEAM $TSLA $BILL $UPST $APP.
$UPST may need a bit more time chopping around, but once the market finds some traction look for the uptrend to resume.
We will look to re-enter $DOCN within the next few days, especially if it touches the 20-day EMA and forms some sort of reversal candle.
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Unofficial Setups – For experienced traders only, no guidance is given for these setups.
- none
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