The Wagner Daily – August 5, 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 – buy mode (semis leading, but not much else)
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:
- First buy stop in $KLAC triggered.
- Per intraday alert, added to $NVDA.
The Nasdaq and S&P 500 did not follow through on Tuesday’s bullish reversal action and remain in chop mode. Money rotated back into tech on Wednesday, with $IGV (software ETF) and $SMH (semi ETF) up +1.0%. The Nasdaq Composite and growth ETF $IWP both closed with a slight gain of +0.13%. Money flowed out of the S&P and $DIA, with losses of -0.46% and -0.88% respectively.
The big question now is can software stocks build on Wednesday’s gains and join $SMH as leadership? By the end of the week, most software names will have reported earnings, so we should have a better idea of what could be in play.
Big volume gap up watch for Thursday – $HUBS reported after the close on Wednesday. $LSPD reports 7am Thursday morning.
Per intraday alert, we added to $NVDA in the model portfolio looking for the $200 level to hold. Note the new stop in the open positions section.
$SNAP reversed off support of the 10-day EMA, which was a positive sign. We have a buy limit order in place to enter on slight weakness such as a test of the prior day’s high or possibly the 20-ema on the hourly chart.
The first buy stop entry in $KLAC triggered. We have a buy stop over the highs of the past few days (buy 2), along with another small add 2% above buy two (see today’s watchlist).
$POWI is another strong acting semi that is on our official watchlist looking for a breakout above $100.
Wednesday’s price and volume action was a step in the right direction for stocks on our main watchlist. We are beginning to add exposure and will continue to do so as long as new trades move in our favor. It’s tough to put much trust in anything other than semis right now, but that could change.
Unofficial Setups – For experienced traders only, no guidance is given for these setups.
- $ENPH – could be in play if it opens above Wednesday’s close and holds (stop yest low).
- $SMAR – early entry on downtrend line break at 73.12
- $AMAT – buy at 145.51
- $DID – IPO swing over 10.23
- Possible gap up buys in $LSPD and $HUBS over the 1 or 5 minute high (volume should be strong pre-market)
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