The Wagner Daily – $NBIX: A Potential Long-Term Investment Opportunity

The Wagner Daily – January 4, 2023

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MTG Market Timing Model –  Sell (as of 12/15/22) due to a break of 20ema in the S&P 500

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 along with open and closed positions:

 

position notes:

• Per intraday alert, sold $SMCI just below breakeven for a very small loss due to the lack of follow-through from our entry and weak market conditions.

Commentary: 

Tuesday’s failed gap up led to more chop, as stocks reversed lower in the morning but failed to follow through to the downside in the afternoon.

The S&P Midcap 400 (a leading index) stalled at resistance from the 50 and 200-day MAs. We continue to monitor the daily chart for clues such as a close above the 200-day MA that holds.

Nasdaq 100 ETF $QQQ – Can the price reclaim the 8-day EMA? There is also resistance just above from the declining 20-day EMA.

Per the intraday alert, sold $SMCI just below breakeven for a very small loss and we are now back to a 100% cash position.

Several stocks on our internal watchlist were hit hard on Tuesday, with names like $FOUR and $TMDX both down at least -6%.

There are no new official setups for Wednesday’s session.

On the long side (just monitoring), $NBIX could be in play over the high of Tuesday’s reversal candle off the 50-day MA.

$DAL is one to watch on the short side after stalling at resistance from the 20-day EMA and downtrend line. A move

Unofficial Setups 

• Longs – watching  $SMCI  $NBIX $CAT $CPRX
• Shorts – $DAL – short bounce into 8-10 day MA (if there is one).

Add

Rick 

Click here to view this week’s watchlist in google sheets

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