The Wagner Daily – Portfolio Update: Trading $GTLB & Monitoring $USO, $TSLA, $AAPL

The Wagner Daily -May 6, 2022

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MTG Market Timing Model –  Sell due to both the S&P 500 and Nadsaq Comp below the 20 and 50-day MAs

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:

• $GTLB buy limit triggered and stopped us out for a 0.25% loss of account equity in the model portfolio.
• $USO buy limit triggered.

Commentary:

Wednesday’s bullish post-Fed rally saw ZERO follow-through, as stocks metled lower from the open to the close. Broad market averages closed -3% to -5% lower with the Nasdaq 100, Nasdaq Composite, and Russell 2000 setting new lows on the year.

The Nasdaq Composite daily:

The S&P 500 is hanging on to the prior low, for now.

The model portfolio bought and sold $GTLB within the first hour of trading for a small -0.25% loss of account equity.

The $USO buy limit order also triggered but managed to bounce off the lows of the session. We are looking for $USO to hold the 50-day MA and eventually break out above base highs.

Two of the biggest leaders in the market, $TSLA and $AAPL, are in danger of breaking down after losing the 200-day MA on heavy volume.  

There are no new setups for Friday’s session. For now, we are content to sit mostly in cash with the exception of $USO long.

• Longs – just watching $ERX, $CC, $LTHM, $WEAT, $DBA
• Shorts – tough to short after such a wild move without some sort of bounce. Watching $BAC $JPM $MU $NVDA $ROKU

See you in the chat room,

Rick 

This list is a good starting point for monitoring the health of the market for those who have limited time.

https://morpheustrading.com/services/swing-trade-alerts

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