The Wagner Daily – Watching $SKIN Pre-Earnings Breakout

The Wagner Daily – November 4, 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:

• Per intraday alert, added to $TSLA.
• $YNDX buy stop triggered.

Commentary:

$SPY and $QQQ continue to trend higher riding the 5-day EMA in a lockout rally.

Per intraday alert, we added to $TSLA on a bull-flag-like pause. $YNDX triggered its buy stop over the four-day high on a pick-up in volume.

There are two new official setups for Thursday’s session in $S and $ENPH.

$S is a recent IPO with a 9-week long and 30% deep cup. Although it lacks earnings, the quarterly sales growth is impressive at 96%, 108%, and 121% the last three quarters.

The first entry is over the high of Wednesday’s inside day and the other over the high of 10/27.

$ENPH has formed a bull-flag-like pause the past few days. We are adding to an existing position over the high of Wednesday’s inside day with a stop beneath the two-day low.

$SKIN is not an official setup due to earnings just around the corner on 11/9. However, $SKIN is in play over the two-day high with a stop beneath Wednesday’s low, looking for immediate follow-through. If the breakout works one may be able to hold through earnings with a decent profit buffer. Generally speaking, we feel comfortable holding a full position through earnings with a profit buffer of 7-10%. If less than 5%, then we may have to reduce position size or exit the trade ahead of the report (depends on the type of stock and market conditions).

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

• $SKIN  – buy at 30.10 (play for pop in to 11/9 earnings with chance to hold)
• $XPEV – buy at 47.00 (play for pop in to 11/11 earnings with chance to hold)
• :$LILM – buy at 9.57 (IPO with inside day near lows of base)
• watching $CPE $FANG $DNA $PGNY $ABNB $IONQ $ON $LC $MTTR $TASK $DDD

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