The Wagner Daily – September 15, 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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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.
- Stopped out of the remaining $ZIM with a 17% gain.
- Stopped out of $RBLK with a 5% loss.
As of Tuesday’s close, all major indices we track are trading below the 20-day EMA which is enough to force our timing model into sell mode. The model portfolio is almost 100% in cash with only a half position in $DDOG remaining (note the new stop that is just above breakeven).
The daily chart of the S&P 500 has failed to close above the open since 9/3. Will this pullback lead to another quick recovery back above the 20-day EMA?
The Nasdaq Composite closed below the 20-day EMA, a sell signal. That said, the current pullback isn’t very deep and the Nasdaq could easily reclaim the 20-day EMA.
With all major indices below the 20-day EMA, adding new long exposure is probably not a good idea until conditions improve. Until then, we can just sit mostly in cash and build our watchlist.
$ZI is a must-own for us once market conditions improve. $ZI averages 3.8 million shares traded per day with 117 million shares in float. It’s a liquid stick that can move. The eps and sales growth is there, along with a solid +33% yearly eps estimate for 2022. It just needs a decent market.
There are no new setups for Wednesday.
Unofficial Setups – For experienced traders only, no guidance is given for these setups.
- No new setups – Just Watching – $ZI $AFRM $DOCN $LULU $DLO $FIGS $NTRA $AMEH $LC $DDOG $GLBE $MNDY $
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