The Wagner Daily – Buy Setup in Recent Semiconductor IPO $GFS

The Wagner Daily – March 22, 2022

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MTG Market Timing Model –  BUY as of 3/16 close

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:

• No trades triggered.

Commentary:

Despite a sharp rally off the lows, leading stocks and market average refused to give up much ground (a bullish sign).  

There are two new buy setups for Tuesday’s session.

$GFS is a recent semiconductor IPO with a ton of relative strength and a  breakout to new highs last week. Monday’s selling closed back below the breakout pivot, but not by much.

We are looking for a move back through the breakout pivot at the buy entry with the 8-day EMA as the stop.

IBD numbers – RS 96, A/D A+, Composite Rating 95, Group rank 70 of 197

$BROS is another IPO with a strong move up after reclaiming the 50-day MA. Monday’s session is an nr5 day, which is the most narrow trading range of the last five sessions.

The entry is over Monday’s high with the stop beneath the two-day low with some wiggle room.

IBD numbers – RS 95, A/D B-, Composite Rating 65, Group rank 171 of 197

See the unofficial watchlist below for more setups.

For those who are new to the service, our system is based on trading growth stocks that can explode higher in a short period of time…when conditions are ideal. For most of 2022, conditions have not been ideal, so we have been playing the short side when setups are there while waiting for a new buy signal. Below are a few things we are looking for in a buy signal.

Keys to market turning bullish:

• Buy signal in the timing model, such as a FTD (follow through day) or reclaim of 21-day EMA
• Stocks begin to breakout on volume and hold… indexes hold the 21-day EMA
• Number of stocks making new 52-week highs vs 52-week lows enters into positive territory
• After first wave of breakouts, new setups emerge

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

• Longs – $CARG – buy at 43.83, $ACLS – buy near $78, $HUN – buy at 39.67, $PANW – buy at $579, $SNAP $RUN $NET $ZS $ZLAB (other nr5 days in play for a pop).
• Shorts – below prior day’s low $DWAC

Press HERE (link restricted to paid members) to view this week’s stock watchlist, an excellent starting point for monitoring the health of the market and finding the best stocks for swing trading.

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