The Wagner Daily – $ANET: 20-day EMA Entry Watch After Breakout Pivot

The Wagner Daily – November 22, 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:

• No trades triggered.
• Note the new stop in $PODD.

Commentary:

This week’s schedule: 

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

The Wagner daily will not be published on Thursday, but we will be back on Friday with an abbreviated version of the report.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

There are no new official setups for Tuesday.

Broad-based indices have been in retreat mode for four of the last five sessions, so there hasn’t been much follow-through in stocks that were showing relative strength.  

Patience is a must here as we want to avoid putting on too much exposure without seeing more progress in current open positions.

Note the new stop in $PODD due to the lack of buying interest and close below the 8-day EMA.   We have a tight stop in place to limit the loss to less than 3%.  

$ANET is one to watch for an entry off the 20-day EMA if the price fails to hold the breakout pivot.  

$MEDP is potentially in play (unofficially) on a pullback to the 20-day EMA. 

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

Anywhere from 10-40% long exposure is ok right now.  

Unofficial Watchlist

• Longs – 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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