The Wagner Daily – Inside Day Play: $CLF

The Wagner Daily – May 4, 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:

• Per intraday alert, bought $KSS.
• Note the new stop in $CPE.

Commentary:

The S&P 500 continues to struggle with resistance at 4,200 after printing a hanging man candle last Thursday.  While the index may be due for a 2-3 day pullback, that could be later this week or in another 2-3 weeks, no one knows. Rather than focus on when a leading index may pull back in for a day or two, it’s generally best to focus on individual setups.

Per intraday alert, $KSS was added to the model portfolio. For those who are not long, an entry near Monday’s close is fine. The relative strength rating from IBD is a 96 along with an industry group rank of 4 out of 197. The Accumulation/Distribution rating is a solid B.

There is one new official setup for Tuesday in $CLF. $CLF cleared a short-term downtrend line two weeks ago after reversing off the 50-day MA. The price action reversed just shy of the 50-day MA last Friday, followed by a tight-ranged inside day on Monday.

We like $CLF over the two-day high, looking for the price to follow through to the upside and take out the downtrend line.

The stop is just beneath the low of Monday’s inside day, which is below the 10 and 20-day EMAs.

$FB is not an official setup but could be in play on an undercut and rally type setup where the price action takes out an obvious low (gap-up day low) and then reverses higher the same day, or within 1-2 days.   

$CPE reports earnings after the close on May 5 according to earningswhispers.com. Note that we have a new stop in place just beneath Monday’s low. If $CPE pushes higher and we have a 8% or more buffer going into the report, then we will likely hold some of the position, if not all.  

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

• Monitoring several energy stocks – $MTDR $XEC $CPE $WLL
• $NVCR – buy at 205.00 off 10ema
• $SCHW – buy at 71.20 (pullback buy)
• $ISRG – buy at 877.00

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