The Wagner Daily – $OIH: Stall at Prior High, Gapped Lower, Energy Stocks May Need Time

The Wagner Daily – November 10, 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:

• Stopped out of remaining 1/4 position of $PI.

Commentary:

Stocks sold off ahead of Thursday’s big core CPI report (at 8:30 ET).  

The S&P 500 is barely hanging on to its buy signal as it closed back below the 20-day EMA.  

Nasdaq Composite stalled at the 20-day EMA .  A lower high and lower low is already in place.  

$OIH stalled at the prior high and gapped lower.  Energy stocks may need a few weeks of chop to digest the last run up. 

Unofficial Watchlist

• Longs –  (none)
• Shorts –   $ABNB bear flag

Rick 

Click here to view this week’s watchlist in google sheets

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