The Wagner Daily – Swing Highs: Investing in $WING Intraday Alerts

The Wagner Daily – October 31, 2022

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MTG Market Timing Model –  BUY  (from 10/21/22 follow-through day buy signal)

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 alerts, bought $PI and $WING.

Commentary:

After a two-day pause, the S&P 500 resumed its uptrend with a strong 2.5% gain and close above the 50-day MA.  

Last Friday’s bullish reversal action and close back above the 20-day EMA in the Nasdaq Composite allowed the (Nasdaq) timing model to remain on a buy signal.

Per intraday alert, the model portfolio bought a small quarter position in $WING looking to add over the swing high.

$PI was also added to the model portfolio late last Friday after clearing the gap up day high.

Current rally thoughts –

• S&P 500 does not have a distribution day and is above the 20-day EMA and 50-day MA.
• The Nasdaq Composite has a distribution day but reclaimed the 20-day EMA.
• Energy, materials, and other non-growthy areas are leading the current advance which isn’t ideal.
• $PI and $WING both printed big volume breakaway gap-ups in reaction to earnings, a positive sign for growth.
• The number of 52-week highs vs 52-week lows is still negative on the Nasdaq and NYSE exchanges – though positive in the more narrow indexes S&P 400 and S&P 500.

Just a reminder, there are a ton of stocks on our watchlists reporting earnings within the next two weeks. Be sure to check for earnings before establishing new positions.

Unofficial Watchlist

• Longs – watching $GFS $ENPH  $WING $PI CELH
• Shorts – (none)

Rick 

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