The Wagner Daily – $LTHM: Bought on Breakout, Intraday Alert

The Wagner Daily – November 11, 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:

• Per intraday alert, bought $LTHM.

Commentary:

Broad-based averages exploded higher in response to lower-than-expected inflation data from Thursday’s CPI report.  

The Midcap S&P 400 closed above the 200-day moving average and is leading the market higher.

Small Cap Russell 2000 Index is just behind…still below the 200-day MA but well above the 50ma. 

Nasdaq Composite followed through to the upside but as you can see on the chart below is lagging the indices above.

Per intraday alert, we bought $LTHM on a downtrend line breakout.

We plan to add more exposure as setups develop with a focus on liquid midcap stocks.

Energy-based ETFs $XLE and $OIH are also on our watchlist for potential pullback entries off the 20-day EMA.

We will send an intraday alert if anything catches our eye during the day.

Unofficial Watchlist

• Longs –  Watching $MEDP $SMCI $ENPH $ARRY $TMDX $PODD $HRMY
• Shorts – 

Rick 

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

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