The Wagner Daily – Adding to $GWW Position Above Wednesday’s High

The Wagner Daily – August 04, 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:

• Stopped out of $PWR ahead of earnings for a very small scratch loss of -$7

Commentary:

Broad market averages pushed higher on Wednesday after back-to-back days of weak closing action.  $QQQ and $SPY continue to trend higher above the rising 20-period EMA on the hourly chart (sign of a strong uptrend).      

Our nightly scans did not produce much in the way of low-risk buy points, which can be expected when the major indexes are extended from the 20-day EMA (on the daily chart).  

There is one new official setup for Thursday’s session to go along with the pullback entry in $ENPH.  

We first bought $GWW above the gap up day high.  We plan to add to the position above Wednesday’s high, which would put the price back above the gap up day high as well.  

We sold $PWR for a small -$7 loss on Wednesday ahead of earnings.  $LNTH reports earnings before the open on Thursday.  We are holding through the report as we have a decent profit buffer and small size.  

Other setups potentially in play on Thursday:

$ARRY is an explosive solar stock that gapped higher on big volume and is in play over recent highs.  This volatility is high due to its big ATR relative to price (ATR = average true range).   This is not an official setup.  Reports earnings 8/9.

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

• Longs –   Over prior day’s high – $NOVA $NFLX $BMBL
• Shorts –

See you in the chatroom,

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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