The Wagner Daily – LNTH & SWAV Report Earnings Soon: 5% Profit Buffer Needed

The Wagner Daily – July 27, 2022

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MTG Market Timing Model –  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 along with open and closed positions:

position notes:

• No trades triggered.

Commentary:

Nasdaq 100 futures bounced off support of the 20-day EMA Tuesday evening due to a positive reaction to earnings from $MSFT and $GOOGL (both up roughly 4%).

Small-cap growth is showing relative strength this week with $IWO still above the rising 10-day EMA.

$ENPH closed 10% higher in after-hours trading in reaction to earnings. If the action holds up through pre-market trading, then it will likely open above resistance in the $225 – $226 area.  Aggressive traders may look to buy over the 1-2 minute high on strength with reduced size if volume is strong.

This is not an official setup. If $ENPH closes in the middle of the day’s range or higher on volume, then we may look for an official entry within the next few days.

As for the model portfolio, $LNTH and $SWAV have held up well during the recent pullback in the averages. However, both report earnings within the next two weeks and will require a profit buffer of at least 5% to hold through the report.

Our plan is to take it slow and wait for earnings season to reveal new leadership, as the majority of names on our watchlist report earnings within the next two weeks.

$META reports after the close on Wednesday.

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

• Longs –  $ENPH on earnings gap, $FNKO $SWAV $AXNX $HRMY $EVH $SGFY and more all report earnings next week
• Shorts –

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.

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