The Wagner Daily – $LTHM: Stopped Out at Break-Even, Monitoring for Pullback Entry

The Wagner Daily – November 15, 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 $IWM.
• Breakeven stop triggered in $LTHM.

Commentary:

Stocks sold off into the close on Monday ahead of Tuesday morning’s PPI report.

Our game plan is to continue to put money to work based on last Thursday’s bullish action in the broad-based averages (as long as last Thursday’s lows hold).

Per intraday alert, we added some long exposure with a 7% buy in the Russell 2000 ETF $IWM.  We may have to sit through a pullback, but we are looking for the price to hold the rising 8-day EMA.  Our stop is below the 20-day EMA to give some wiggle room. 

There is one new official setup for Tuesday and that is a buy limit order to enter $SMCI on weakness near the rising 8-day EMA.  This entry is based on the first touch of the 8-day EMA following a big volume breakaway gap to new highs.  Note the strong revenues on the bottom left side of the chart.  

Per intraday alert, stopped out of $LTHM at just above break-even.  The sharp reversal last Friday did not give us much of a chance to sell some shares into strength.  We will continue to monitor the action for a potential pullback entry off the 20 & 50-day MAs.  This is not an official setup.

$GFS could be in play over the two-day high for a quick pop based on Monday’s tight-ranged inside day.  Many stocks have failed at obvious breakout points, so we are monitoring the action for a pullback entry later this week or next.  

This is not an official setup.

Unofficial Watchlist

• Longs –  Watching $MEDP $SMCI $ENPH $TMDX $PODD $ALB (pullback) $LTHM $PI
• Shorts –

Rick 

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

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