The Wagner Daily – Monitoring $TGH for Entry

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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):

open positions:

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.

Commentary:

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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