The Wagner Daily – New long positions in $AMD and $FRHC

The Wagner Daily – August 16, 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:

• Per intraday alert, bought $AMD and $FRHC

Commentary:

The S&P 500 remains in cruise control and the Nasdaq Composite is in chop mode.

The majority of growth stocks on our watchlist have struggled to push higher after breaking out. A few have impressed ($UPST and $U) and will be monitored for pullback entries down the road.

Steel, building, retail, and finance are some of the stronger areas.

There is one new official setup on today’s watchlist in $BLDR, which has formed a cup with no handle pattern and is buyable above base highs. We would have preferred a lower entry point, but sometimes we are forced to buy at the highs when lower entry points do not develop (especially when there is no handle).

Per intraday alert, we established two new long positions last Friday in $AMD and $FRHC.

$AMD is a pullback buy off support of the 10-day MA.

$FRHC is an entry based on last Thursday’s reversal off the 20-day EMA with a tight stop. Look for Monday’s open to hold above Friday’s close and eventually push higher as a positive sign.

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

• $CVNA – over Friday’s high, watch for false trigger on open if price opens higher
• $ZI – buy at 63.00
• $DOCU – buy at 300.20 (reclaim 10ema)
• $SWCH – reversal  after undercutting low of gap up day

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