The Wagner Daily – September 22, 2022
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 – SELL (markets back below 20 & 50-day MAs
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 along with open and closed positions:
- Per intraday alert, bought and sold $WOLF for a -$60 loss in the 50k model account.
Stocks reacted negatively to Fed comments regarding inflation, which led to a nasty selloff in the last hour of trading. From the day’s high around 3pm, the S&P 500 fell 3% with a close at the lows of the session.
Per intraday alert, we bought a 1/3 position in $WOLF above the base high. However, the momentum didn’t last long, as the price failed to hold the breakout pivot and sold off with the market. We took a shot with small size in case the market followed through to the upside but decided to sell ahead of the stop at $120 due to the weak close in $WOLF and the market. We apologize for the quick trade in and out, but risk management is always a priority for us.
Although $ENPH has held up extremely well, we are raising our stop on the full position to just above breakeven. If triggered we will have a small 2% gain. We can always re-enter down the road if/when conditions improve.
Bond ETF $TLT reversed higher on Wednesday and may soon reclaim the major swing low. Could this be a signal of rates peaking?
There are no new setups for Thursday’s session. Although the odds now favor more downside, there is always the possibility of a bullish reversal such as a close above 11,500 in the Nasdaq Composite.
Unofficial Setups –
- Longs – watching $PCTY $CELH $SWAV $WOLF
- Shorts – none
See you in the chat room,
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