The Wagner Daily – New $GWW Setup: Buy Signal on Earnings

The Wagner Daily – August 01, 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 $PWR for a small scratch loss. Sold half of $SWAV to reduce size into earnings.

Commentary:

The Nasdaq Composite closed out last week’s trading in bullish fashion with a third day in a row of accumulation (higher close on higher volume).

As of Friday’s close, the Nasdaq is a bit extended from the 20-day EMA after taking out a major swing high and could use a day or two of sideways to lower action.

Solar stocks exploded higher last week and have joined biotech/medical as leadership. $ENPH and $SEDG are two of the better-acting names near highs. It’s a clear positive to see leadership expand.

The model portfolio bought and stopped out of $PWR last Friday for a very small loss. However, we may look to re-enter if the price undercuts the low of the wide-ranged up day and touches the 10-day EMA (a shakeout).

No official entry yet, just watching.

$LNTH reports earnings this week on 8/4. Given that market conditions have improved and we have a decent profit buffer, we will likely hold through the report.

There is one new official setup for Monday in $GWW, which gapped up and broke out to a new all-time high on earnings last Friday. The big volume advance is a buy signal. We are taking a small starter position over last Friday’s high with a stop beneath the low of the same day.

Watchlist – $EVH $FNKO $PWR $SEDG $ENPH $SWAV $PTCT $ON $ARIS 

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

• Longs –  $CEG over 2-day high (strong breakout)
• 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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