The Wagner Daily – November 1, 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 – 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:
- Per intraday alerts, sold $PI due to false breakout.
- Sold $DVN for a 4% gain ahead of earnings after the close today.
- Raised stops in $SSO and $OXY ($OXY reports next week).
The Nasdaq Composite printed a tight-ranged inside day at support from the 8 and 20-day EMAs. A close below the 20-day EMA this week on a pick-up in volume would be a clear negative. Expect volatility to pick up Wednesday afternoon after the Fed releases its decision on rates at 2 pm EST.
Our timing model remains on a buy signal from the 10/21 follow-through day, which is a 1.5% gain in a major index with higher volume on day 4 or later of a new rally attempt.
Although there have been a few glimpses of strong price and volume action since the follow-through day, we have yet to see enough evidence to increase long exposure beyond 20-40%. That could change quickly (for the bull or bear case), depending on how the market reacts to Wednesday’s Fed policy announcement at 2pm EST.
There are a handful of names we are monitoring that are potential leadership candidates.
$ENPH, $PI, $GFS, $WING, and $SWAV are a few of the more obvious names out there that are trading near highs or have formed a valid basing pattern after a strong move off the lows. None of the stocks below are trading near 52-week lows.
$ENPH – two inside days in a row but tough to buy on strength over the 3-day high in this market.
$PI – failed to follow through on the breakout attempt above the gap-up day high but could be in play for us on a pullback.
$WING – failed to follow through on a breakout attempt Monday but could be in play on weakness near support for those not already long.
$GFS – continues to find support at 50-day MA (reports 11/8)
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 $MEDP $CELH $SWAV $WING $ENPH
- Shorts – (none)
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.
