The Wagner Daily – Buy Setup: $UPS Over Tuesday’s High

The Wagner Daily – February 9, 2022

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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):

open positions:

closed positions:

position notes:

• Stopped out of $MTDR

Commentary:

A bullish outside day for the S&P 500 could spark the next wave up if the price can push through Tuesday’s high and hold.

The Nasdaq 100 is still below the 200-day MA but that could change with one strong accumulation day.

The model portfolio stopped out of $MTDR and is down to one position in $CF, which reversed off the 20-day EMA. Note the new stop which is just below break-even to guard against a breakdown headed into earnings.

$UPS closed with a tight-ranged inside day and is buyable over Tuesday’s high.

$ARKK is trying to bottom out with a higher low and could be in play with a buy stop over the high of Tuesday’s tight ranged session.

Unofficial Setups – For experienced traders only, no guidance is given for these setups.

Depending on market conditions:

• Longs – $LABU – buy at 19.80, $TSLA – buy at 927.00, $GRWG – buy at 8.50  all three are pops off the lows
• Shorts –

See you in the chat room,

Rick

For those new to this report, our share size is pretty conservative with max. size around 10% of equity per trade. We do this because we prefer to trade 10-12 names to keep the report active.  However, if your goal is to maximize returns, taking 18-25% positions is the way to go.   If trading in a non-margin account, this will limit the portfolio to 4-5 positions.  If on margin, then 8-10 positions. Our risk per trade on average is just over 1/2 of 1%. Experienced traders may want to risk 1% to 2% per trade.   For example, a 20% position in a 100k account with a 6% stop loss would result in a $1,200 loss (1.2%). 

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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