The Wagner Daily – Growth Stocks Reversing Lower: $SQ $PINS $HUBS

The Wagner Daily – April 15, 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:

• $PINS, $ETSY, and $SNAP buy stops triggered.
• Losses offset by small winners for the most part (on closed positions only).

Commentary:

Leading growth stocks took a step back on Wednesday with recent movers such as $SQ, $PINS, and $HUBS reversing lower. Overall, market conditions have improved this week, but we have yet to see the type of breakout action that we normally associate with a new bull market rally. This may be due to the overall lack of buyable setups when the Nasdaq put in its Follow-Through Day (FTD), as there was so much damage from the last selloff with most stocks reclaiming the 50-day MA rather than breaking out to new highs.

The model portfolio was active on Wednesday with several stop outs. Small gains in $LRCX, $AMAT, and $FUTU offset losses, while $APPS was sold just below break-even. Not ideal, but we are just trying to limit damage while we wait for our type of market to kick in.

Per intraday alert, we are still long half positions in $PINS and $SNAP, while still holding a 5% position in $ETSY and 6% position in $RBLX (with a breakeven stop).   It may be tough to see a winner like $RBLX go from +13% to +3%, but with our timing model on a fresh new buy signal following a market correction, we are not looking to sell winners for a 10%-15% gain.

There are no new buy setups for today. Let’s see how the market and current open positions respond to Wednesday’s selling.

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

• $UPST – buy at 116.00
• $SHLS – buy at 34.60
• $SIG $GT $SEAS $TRIP $VUZI possibly in play on strength

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