The Wagner Daily – $NVDA and $AMD added to Portfolio

The Wagner Daily – November 2, 2021

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MTG Market Timing Model – BUY  

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:

• $NVDA buy limit order triggered.
• Per intraday alert, bought $AMD.

Commentary:

Russell 2000 Small Cap ETF $IWM cleared the highs of a 7-month long base and closed with a +2.6% gain. The strength in small caps signals a risk-on environment and provides further evidence that the current rally is picking up steam. Based on what we’ve seen since the follow-through day, we expect the market to remain in rally mode through the end of the year with the usual short-term pullbacks along the way.

$NVDA and $AMD were added to the model portfolio on Monday. $AMDs entry was via an intraday buy alert.

We liked the bullish reversal candle action in $NVDA after Monday’s lower open. Note that we plan to add over Monday’s high, which is about 2.5% above the high of the base (2-3% above the base high is a decent spot for and add…but 4-5% is a bit too extended).

$ZI closed 3.8% higher in after-hours trading in reaction to earnings. Volume during the after-hours session was heavy at 100% of the 50-day moving average of volume, a bullish sign.

$ZI is a buyable gap-up if the open is at $71 or higher. If we decide to enter it will be through an intraday alert.

At $71, $ZI sets a new all-time high with no overhead resistance above.

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

• $S – buy at 67.35 (watch out for false trigger on open if there is a gap up).
• $ZI – buy at  71.00
• $AEHR – buy around 22.80 (break of 60 min downtrend)
• $MARA – buy at 56.50
• watching $LI $XPEV $AFRM $MQ $ZIM

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