The Wagner Daily – $NVDA Pullback Holds Long

The Wagner Daily – August 10, 2021

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MTG Market Timing Model – buy mode (but cautious) 

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 (potential trade entries):

open positions:

closed positions:

position notes:

• $SNAP sell stop triggered for a -1% loss on half the position.
• Per intraday alert, bought $HUBS.

Commentary:

S&P 500 and Nasdaq Composite chopped around in a tight range for the second session in a row above the rising 10-day EMA. Both daily charts look constructive.

Biotechs, semis, select financials, and software are producing the most setups from our scans.  We still want to see more follow-through to the upside in semis and software.  

Per intraday alert, we bought $HUBS over the two-day high. The price action failed to follow through, but we liked the tight inside day action last Friday and the stop is only -2.5% away.

$NVDA’s pullback is looking pretty good with the price action drifting lower on lighter volume. We are currently long $NVDA and looking to hold through earnings on 8/18.

$LC is pulling back to the high of the breakout day with the rising 8 and 10-day moving averages catching up. Let’s see if the price can hold the $25-26 area this week. The close of the gap up day is $24.02, which should hold on a closing basis if the price pulls back in a little deeper than expected. This is not an official setup but we are monitoring for an entry.

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

• $AMD – watch for a potential gap down reversal action on the open (open below Monday’s low and reversal back through 10-day EMA)
• $HUBS – buy at 667.00
• $SNAP – buy at 79.30 if volume is strong

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