The Wagner Daily – $FOUR Stock Trend Break Alert

The Wagner Daily – October 19, 2022

Below is the full, archived issue of The Wagner Daily swing trading report (sent to members the night before the publication date).

Subscribe now for your access to the best stocks for swing trading, proven Morpheus stock trading strategy, and market timing model with a 20-year track record.

Just drop us a comment with any questions or comments–we’d love to hear from you!

---

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 along with open and closed positions:

 

position notes:

• Per intraday alert, bought a 5% position in $OXY.

Commentary:

The Nasdaq Composite remains below the 20-day EMA but found support at the 8-day EMA for the second day in a row. 

During the recent selloff from the August high,  the Nasdaq has sliced through the 8-day EMA with ease after stalling and the 20-day EMA and rolling over, so Wednesday’s action may be indicating a potential change in character.   

Money flowed into oil and gas on Wednesday.  Per intraday alert, we bought a 5% position in $OXY over the high of the prior day’s reversal candle. 

A move through the current lower high at 69.40 is another potential entry point if not already long.    

From our last report, $DINO pushed to new highs.  There are several oil & gas stocks potentially in play such as $DVN.  

A move through the $73 – $74 area on volume would break a mult-month-long downtrend line with several touches.  This is not an official setup, but we will send an intraday alert if any action is taken.  

$FOUR is setting up a downtrend line break with an entry over the two-day high. This is not an official setup, but we will send an intraday alert if any action is taken.

Our market timing model remains on a sell but we dipped our toes in the water on the long side with a 5% long position in $OXY.  We may add more long exposure to oil and gas this week or next, as it appears to be the strongest group in the market.  Until there is a clear buy signal, we will likely limit long exposure to 2-3 positions.  

Unofficial Setups –

• Longs – $DVN $FOUR
• Shorts – none

See you in the chat room,

Rick 

Start my Wagner Daily membership now to start receiving winning Morpheus stock trade signals, including a stock portfolio you can easily follow. The Wagner Daily PRO includes live swing trader room for daily, real-time trade ideas and powerful stock trading education.