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The Wagner Daily – August 10, 2021
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 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):
closed positions:
position notes:
- $KLAC sell stop triggered and we are out. Our re-entry also triggered and hit our stop an hour later. No luck in $KLAC. Both losses were very small.
- Per intraday alert, sold $SNAP due to the false breakout for a small scratch gain.
- Per intraday alert, ditched half of $SQ and all of $HUBS to reduce risk.
Tuesday’s action saw major rotation out of growth and into cyclicals. Some growth names could still be in play but any entries should be limited to pullbacks near a 20 or 50-day moving average after a 2-5 day shakeout.
The model portfolio stopped out of $SNAP, $KLAC, $HUBS, and half of $SQ. With the exception of $SQ, losses were held to the -1% to -2% area, so not much damage was done.
There is one new official setup for Wednesday’s session in $AA
$AA reclaimed the 50ma on solid volume in late July and has rallied higher the past few weeks allowing the 10 and 20-day EMAs to cross above the 50-day MA. Tuesday’s advance through resistance around $42 was confirmed by a strong close on heavy volume. We have a buy stop in place looking to enter over the base high with a small add 2% higher.
$TGH is not an official setup, but we are monitoring the action for an entry after last Friday’s heavy volume advance. Would like to see a few days of chop and possibly a touch of the 10-day EMA this week or next for a lower-risk entry.
$LC bounced off support of prior resistance at $26 and finished the day with a higher close. Volume did not pick up. $LC could be in play on Wednesday morning if the price opens at or above Tuesday’s close and holds. Then a move through Tuesday’s high could serve as the buy entry with a protective stop beneath Wednesday’s low. This is not an official setup.
Unofficial Setups – For experienced traders only, no guidance is given for these setups.
- $SKX – buy at 54.55
- $LC – buy at 28.03
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