The Wagner Daily – $ENPH Stop Raised: 2% Gain on Trigger

The Wagner Daily – September 22, 2022

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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:

Add

position notes:

• Per intraday alert, bought and sold $WOLF for a -$60 loss in the 50k model account.

Commentary:

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,

Rick 

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