The Wagner Daily – $SNAP Split Stop in Place

The Wagner Daily – June 15, 2021

Below is the full, archived issue of The Wagner Daily swing trading report (sent to members the night before the publication date).

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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, re-entered $LSPD. $CRWD and $INMD entries triggered.

Commentary:

The Nasdaq Composite is approaching the prior high and could set a new high within the next few days. Although the Nasdaq was strong, many stocks on our watchlist underperformed or closed in negative territory.  If these stocks are struggling to move higher while the market is trending up, they may have trouble holding ground if/when the major indices pull back in.

$CRWD, $INDM, and $LSPD were added to the model portfolio on Monday. $CRWD and $INDM were triggered trades from Monday’s report, while $LSPD was purchased via an intraday alert after reclaiming the breakout pivot on heavy volume.

$LSPD is back above the original breakout pivot after a false breakout. Note that we switched to a split stop.

$SNAP failed to follow through on Friday’s higher volume move through the breakout pivot. We have a split stop in place looking for the price to hold the 10-day EMA.

There aren’t many lower-risk setups around in high-quality, A-rated stocks, as most are a bit extended from the 10-day EMA.

There are no new setups for Tuesday.  Let’s see how current positions hold up during the next few days before adding new exposure.  

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

• $FUBO – buy at 30.76 (swing trade)
• $LEDS – buy at 21.60 (swing trade)
• $ZLAB – buy at $173 (swing trade)

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