The Wagner Daily – $XBI & $SWAV Trading Update: Intraday Alert & Portfolio Action

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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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:

• Per intraday alert, sold $XBI for a 6% gain.  Sold $SWAV for a small scratch gain.
• Stopped out of $LNTH at break-even.

Commentary:

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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