The Wagner Daily – $MARA breaks out!

The Wagner Daily – April 6, 2021

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market timing model: Buy from 4/6 Follow Through Day in the Nasdaq Composite 

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:

• $WSM and $MARA buy stops triggered.
• Per intraday alert, sold half of $DEN for a 10% gain. Will hold the rest for a break of the 10-day EMA.

Commentary:

$MARA and $WSM were added to the model portfolio on Monday. $MARA broke out from its base and followed through with a solid 15% advance on higher volume. $WSM stalled but could retake the high within the next day or two.

There is one new official setup for Tuesday in $UPST.

$UPST is a recent IPO from last December. It has great liquidity at $150 with an average trading volume of 2.4 million shares a day. The RS rating from IBD is 98. It lacks consistent quarterly earnings growth but its 2022 yearly eps estimate is +77%.

The chart is in a two-week consolidation after an explosive move through $100. We missed last week’s entry over the two-day high, but Monday’s pullback creates a new buy entry over the hourly downtrend line and Monday afternoon’s chop at $144.

$MARA is the clear-cut leader so far in crypto-related names, but $RIOT, $SI, and $FUTU are in pretty good shape. $FUTU can be bought over Monday’s high. This is not an official setup.

$CLF failed to follow through but we will continue to monitor for an entry. The same goes for $X.

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

• $MU- buy at 94.80
• $FUTU – bu at 149.00 and 154.00
• $SBH – buy at 20.56
• $TMST – buy at 12.11
• $SEAS – buy at 53.20 (retake breakout pivot)
• $IRBT – buy at 125.80
• $MVIS – buy at 16.45

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