The Wagner Daily – Growth Stocks Headed in the Right Direction

The Wagner Daily – April 12, 2021

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S&P 500 buy, Nasdaq Composite buy

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:

• $RBLX buy stop triggered.

Commentary:

Last week was a step in the right direction for growth stocks, which is where we prefer to operate in the model portfolio.  

The iShares Russell Midcap Growth ETF $IWP, which is a decent benchmark for us is setting higher highs above the 50-day MA, with the rising 10-day EMA now above the rising 20-day EMA (momentum is building).

We plan to add more exposure this week as setups develop.

$RBLX was added to the model portfolio last Friday but sold off into the close. Ideally, we’d like to see Monday’s open and morning session hold Friday’s close and push higher later in the day. However, as long as Friday’s low holds, where there is support from the 10 and 20-day EMAs, then the trade should have a decent shot of working out.

There is one new setup on the watchlist for Monday and it’s an add to an existing position in $APPS over resistance at $94. Look for a pick-up in volume by the close (should come in above the 50-day moving average) to confirm the move.

$PINS is must-own for us due to strong quarterly revenue growth and +43% yearly EPS estimate for 2022 and could be in play this week on a breakout above the base high or on a pullback to the rising 10-day EMA. The price is straight up off the lows and could breakout to new highs without a pause, which isn’t ideal. However, we don’t mind buying these obvious breakouts when it occurs at the start of a new rally.

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

• $PINS – buy at 90.10 or pullback to 10ema
• $SI – buy over 178.00 (do not take if already long one or two crypto-related stocks)
• $HUBS – buy a pullback to 485.00
• $UPST – buy at 135.00
• $FVRR- buy at 233.00
• $CPNG – hammer reversal last Thursday, buy at 46.60
• $FUTU – add over 165.00
• $BLOK – buy at 58.90 (crypto-related ETF)
• $APPS – add over 94.00
• $W – buy at 384.00
• Watch semis for an add or swing buy, $AMAT $KLAC

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