The Wagner Daily – $TMDX: Bought on Pullback near 8-day EMA

The Wagner Daily – November 21, 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:

• ARRY buy stop triggered.
• Per intraday alert, bought $TMDX.

Commentary:

S&P Midcap 400 futures chart is holding on to the rising 8-day ema with support from the 200-day MA and 20-day ema just below.   

This is a holiday-shortened week of trading.   

• US markets closed on Thursday, November 24.
• Early closet at 1 pm ET on Friday, November 25.

The Wagner daily will not be published on Thursday.  We are back on Friday with an abbreviated version of the report.  The live trading room will be open on Friday from 9am to 1pm ET. 

$ARRY and $TMDX were added to the model portfolio last Friday.  

The $ARRY buy stop triggered our entry on Friday’s open.  We were not looking to enter on a  gap up, but that is beyond our control with this report.   If monitoring the action on the open, one could hold off on entering and wait to see if support comes in near the prior day’s high.  At the very least, wait for the price to stabilize intraday.  

We have a 1/3 position and will look to add if conditions improve.  The one negative with $ARRY’s base is that it’s 42% deep, which is a bit deeper than we prefer.  However, it is a volatile stock.  

Per intraday alert, we bought $TMDX on a pullback near the 8-day EMA.

We continue to monitor $GFS for a pullback entry off the rising 20-day EMA (not an official setup yet).  

Note that we canceled the $MEDP setup as it’s not on today’s watchlist. The pullback setup is still valid off the 20-day EMA (if it gets there), with a stop 5% below the 20-day EMA.

Most of the setups we are seeing right now are in midcap names, which makes sense as the S&P 400 is leading the market higher.  New leadership is emerging and our plan as always is to go with the flow.

We’d like to see current positions push higher before adding more exposure.

Anywhere from 20-50% long exposure is ok right now. Add more as conditions improve. 

Unofficial Watchlist

• Longs – $PRCT (on strength) – watching $CELH $GFS $ANET $WING $MEDP $SHLS for pullback entries.
• Shorts –

Rick 

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

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