The Wagner Daily – August 05, 2022
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.
today’s watchlist along with open and closed positions:
- Per intraday alert, sold $XBI for a 6% gain. Sold $SWAV for a small scratch gain.
- Stopped out of $LNTH at break-even.
Major stock market averages closed mixed on the session with the Nasdaq Composite up +0.4% vs a -0.1% loss in the S&P 500. Small and mid-cap ETFs $IWM and $MDY closed at -0.2% and -0.7% respectively. A -3.7% loss in the energy ETF $XLE weighed on the S&P 500.
In last night’s report, we mentioned the lack of low-risk buy setups from our scans, which is to be expected when the major averages are extended from the 20-day EMA on the daily chart. The same goes for tonight’s scans.
The model portfolio has one open position left in $GWW (a 5% position after the add).
Per intraday alert, $XBI was sold into strength for a 6% gain. $SWAV was sold just for a small gain due to the lack of profit buffer heading into earnings (Monday after the close). For those still long $SWAV, consider holding until late Monday afternoon and making a decision to exit based on the profit buffer. If up 10% or more, consider holding the full position. If up 5-8%, maybe cut back on size. If less than 5%, consider selling all or cutting size down to 20% or less of a full position.
The model portfolio also stopped out of $LNTH at breakeven.
There are no new official setups for Friday. Please note the $ENPH buy limit order was canceled.
We are monitoring $TAN for a possible entry on strength over Thursday’s high or on weakness, such as another test of the 10-day EMA.
$TAN cleared resistance on heavy volume and has since chopped around in a tight range on lighter volume with the 10-day EMA catching up.
This is not an official setup.
Unofficial Setups – For experienced traders only, no guidance is given for these setups.
- Longs – watching $TAN $ENPH $SHLS $BMBL $MUSA $PWR $AGL
- 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.
https://morpheustrading.com/services/swing-trade-alerts
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