The Wagner Daily – Stock Breakout Alert: $LC

The Wagner Daily – October 13, 2021

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MTG Market Timing Model – sell  

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 $DOCN.

Commentary:

For the third day in a row, $SPY and $QQQ closed in negative territory and near the lows of the session. Growth ETFs $FFTY and $IWP closed positive, showing relative strength.  This was confirmed by the action on our internal watchlists.   

Although the timing model is on a sell signal, leading growth stocks have held up well and are beginning to push higher. We believe there are enough solid patterns out there to begin adding new exposure.

Per intraday alert, we bought $DOCN over the prior day’s high for a starter position, taking back the shares we stopped out of earlier this week. We have a buy stop in place to add over last Friday’s high. Note that the RS line has already broken out to new highs.

$DDOG is three weeks into a flat base pattern above the rising 10-day MA. The relative strength line has already broken out to new highs on the weekly chart (not yet on the daily).

Tuesday’s downtrend line break on a pick-up in volume is our buy signal. We are entering just above Tuesdays’ close with a buy stop.

$LC’s relative strength line broke out to new highs ahead of price.  A move through last week’s high could lead to a breakout attempt. Currently, there is no entry as we are just monitoring.  

Other stocks we are monitoring: HCC NFLX FTNT MRVL AMD SNOW AMBA ABNB PRFT BILL MDB DOCN DDOG ASAN TNDM U AFRM BROS LC AEHR ZS ENPH UPST

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

• none

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