The Wagner Daily – Optimizing $PI Stops for Higher Profits

The Wagner Daily – November 3, 2022

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The Wagner Daily – November 3, 2022
 Proven swing trading strategy, top ETF & stock picks, and market timing model…since 2002

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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:

• Stopped out of $WING and $SSO.

Commentary:

Stocks tanked during the last 90 minutes of trading Wednesday following comments by Fed Chairman Jerome Powell, who stated, “It’s very premature, in my view, to think about or to be talking about pausing our rate hikes; we have a ways to go.”

The selling did quite a bit of technical damage to the daily chart of the Nasdaq Composite, with a close below the 20-day EMA and below the follow-through day low of 10/21.   The Nasdaq is back on a sell signal. 

The S&P 500, while in better shape, still lost the 20-day EMA on a closing basis and is on stand-by for a sell signal if it can’t recapture the 20-day EMA within the next few days.

The model portfolio is down to 8% long exposure after stopping out of $SSO for a small gain and $WING for a 7% loss.

Note that we plan on exiting $OXY “at the market” on the open. If one is unable to place such an order then set a stop 10 cents below Wednesday’s low.

Note the new stops in $PI. We raised the stop on half of the position to 110 while lowering the other half from 106 to 104 to allow some breathing room for the 8-day EMA. The split stops do not increase the risk (still around 5.5%).

Still watching $ENPH after this week’s failed downtrend line break. Look for the price to find support around the 50 and 20-day MAs. Just monitoring the action for now.

 There are no new trades for Thursday. 

Unofficial Watchlist

• Longs – (none)
• Shorts – (none)

Rick 

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