The Wagner Daily – July 1, 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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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.
- Per intraday alert, sold $SE just above break-even.
Midcap Growth ETF $IWP closed lower after seven days in a row of higher closes. Given that most growth stocks are a bit extended in the short term, a few days of sideways to lower price action would be welcomed.
Per intraday alert, sold $SE due to Wednesday’s ugly response to the prior day’s reversal candle. Overall, we did not like the lack of follow-through above $280.
At A, $SE stalled about the prior high but tightened up nicely above the rising 10-day EMA at B. However, the false breakout action at C was disappointing and led to further weakness. Tuesday’s reversal at D was a positive, but the price failed miserably the following day and closed with a bearish engulfing candle on higher volume. Not what we were looking for so we sold ahead of our stop, just above break-even.
Wednesday’s action in the model portfolio was a punch to the head that may or may not lead to a knockout, depending on how positions react during the next few days. Note all the new stops in the watchlist above. The stops are pretty tight overall due to the lack of a significant profit buffer in most positions. Our thought process here is to take what we can in profits if stocks begin to break down and look to re-enter if setups develop.
$NET is in danger of breaking a steep uptrend line, so we have a tight stop in place for half the position to protect profits. The stop on the other half is a close below the 10-day EMA. This is not a hard stop.
$ZS is an example of a stock that we may have to exit if the 10-day EMA doesn’t hold but could be back in play within a week or two if the price remains above the 20-day EMA.
There are no new setups for Thursday, but the $TIGR buy stop remains live.
$KLIC may be in play on weakness within the next few days if the price touches the 10-day EMA or breaks the short-term downtrend line. This is not an official setup.
Unofficial Setups – For experienced traders only, no guidance is given for these setups.
- $BABA – bull flag entry over yest high at 228.15
- $ZLAB – buy at 178.20
- $SHAK – buy at 108.00
- $RBLX – pullback to 20ema
Others to watch on strength – $UPST $PATH $PCOR $OSTK $U $XPEV $TXG (if it stays above Tuesday’s close after squat)
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