The Wagner Daily – Buy Setup in Bitcoin Mining Stock $RIOT

The Wagner Daily – April 5, 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:

• Per intraday alert, bought $SPXL and stopped out of $GFI.

Commentary:

Broad market averages followed through on last Friday’s reversal action with solid gains in $QQQ and $SPY.  Tech outperformed with $QQQ up 2% vs 0.8% in $SPY. 

Per intraday alert, we bought $SPXL based on Friday’s reversal candle after a short-term pullback to the 8-day ema. $GFI sell stop triggered and we are out.

There isn’t much going on setup-wise in growth right now, especially since there are only a handful of growth stocks that are potentially in play. $SEDG could be ready to move and buyable on a breakout as long as volume is strong.

There is one new official setup for Tuesday’s session.

This is not our usual CANSLIM-based setup in a growth stock. This is a swing trade in $RIOT for a quick pop in a stock that is moving off the lows.  

The entry is based on Monday’s tight-ranged inside day just below the 8-day ema. The buy stop is over Monday’s high. $MARA , as stock in the same group has a similar look.

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

• Longs – $MARA  $RIOT $TASK $DOCN $SG – swings over prior days high
• Shorts –

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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