The Wagner Daily – $NVDA Exposure Reduced Before Earnings

The Wagner Daily – November 18, 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:

• $NEWR buy stops triggered. Per intraday alert, sold half and still holding the other half.
• $ABNB add triggered. Stopped out of half of $ABNB, but per intraday alert, re-entered near $200.
• Per intraday alert, sold 3% of $AMD and 2% of $NVDA to lock in some gains ahead of $NVDAs earnings report after the close on Wednesday.

Commentary:

Growth struggled on Wednesday with several names on our internal watchlist either selling off sharply after a false breakout or giving back too much of the prior day’s advance.

In the short term, the major indices could use a week or two of chop to allow the rising 20-day EMA on the daily chart to catch up.

$QQQ struggling with $400

$IWM could be back in play on a break of the short-term downtrend line.

Note the tight stop in $AMD to lock in a +20% move.

Per intraday alert, reduced exposure in $NVDA from 6% to 4% ahead of earnings after the close on Wednesday.  $NVDA closed at $307 in after-hours trading. Since Wednesday’s close was below the 8-day EMA, we are using the low of that day as the new stop.

$ABNB’s ugly false breakout led to a -4% selloff down to support from the rising 8-day EMA and $200.

There are no new setups for Thursday. Note that we canceled the $S add for now. Let’s see how growth holds up tomorrow.

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

• Watching $COIN $SI $SEDG $ABNB $XPEV $CFLT $NET $NEWR $U

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