The Wagner Daily – $PWR Breaks Out Ahead of Earnings

The Wagner Daily – July 29, 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:

• Bought and stopped out of $EVH ahead of earnings. At this point, we will just wait for the report.

Commentary:

Back-to-back sessions of bullish accumulation in the broad market averages signal a return of institutional money to the market. While the majority of stocks on our watchlist are currently not offering low-risk buy points, we have a few official setups on weakness using buy limit orders.

First up is $ENPH on a pullback to the close of the gap up day, which is generally a big support level.

$PWR broke out on volume from a 3-month long base ahead of earnings on 8/4. We have a buy limit order in place at $141, which is the 38% fibo-retracement area measured from the 7/27 close to Thursday’s high. Because we are entering ahead of earnings, we are going with a small 1/4 position.

This week has turned into a strong one for the market but there aren’t many low-risk buy points out there. Let’s see what develops next week.

Watchlist – $EVH $FNKO $PWR $CDNS $SNPS $SEDG $ENPH $SWAV $PTCT $AGL $ON 

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

• Longs –
• 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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