The Wagner Daily – $INMD Chop Mode: Buy or Wait?

The Wagner Daily – June 14, 2021

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MTG Market Timing Model – buy mode

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 $SNAP

Commentary:

Momentum is building on the daily chart of the Nasdaq:

Money continued to flow into growth stocks last week. The bullish price and volume action in $NET, $ASAN, $APP, $INMD, $CRWD, $ZS, $GNRC, $CDNA, and $SE (and a few others) is a positive sign for our trading system.

There are two new setups for Monday’s session.

In last Friday’s video, we discussed $CRWD as a potential pullback buy (unofficial) at $225. We still like $CRWD for an entry near Friday’s close, if we can get it. We have a buy limit order in place.

$INMD is in chop mode after gapping above the swing high near $86. With solid numbers all around, it is a must-own for us on strength over last Friday’s high, or on weakness near the rising 10-day EMA.

The official entry is with a buy stop.

Model portfolio moves – 

Per intraday alert, we bought $SNAP on an intraday pullback after breaking out last Friday. For those not already long, consider an entry near last Friday’s close using our current stop.

Due to the reversal action in $RBLX last Thursday, we moved our stop for the full position to just below the reversal candle low of 6/10.

We also moved the stop up in $NVDA looking for the price action to follow through on last week’s bull-flag like breakout. We are long from $662, so we’d rather exit if the price fails to hold the $700 area.

Conditions have improved for growth stocks and long exposure can be anywhere from 50-100% or more depending on position sizing. Just a reminder, positions in this report are intentionally sized small at 7-10% max of portfolio value to allow for 10-12 positions at once.  If your goal is to outperform the market, position sizing should be in the 15-25% area, with anywhere from 4-7 positions if not using margin.

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

• $BLNK – buy at 39.90 (swing trade)
• $POSH – buy at 47.01 (swing trade)
• $FB – buy at 333.33 (slower mover)

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