The Wagner Daily – November 23, 2021
Below is the full, archived issue of The Wagner Daily swing trading report (sent to members the night before the publication date).
Subscribe now for your access to the best stocks for swing trading, proven Morpheus stock trading strategy, and market timing model with a 20-year track record.
Just drop us a comment with any questions or comments–we’d love to hear from you!
| quick jump to:today’s watchlistopen & closed positionsmarket commentary | resources:subscriber guideour trading strategyblog | handy links: |
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):
closed positions:
position notes:
- Per intraday alert, sold $AMD to lock in a +25% gain.
- $ZI stops triggered for a scratch gain.
- Per intraday alert, sold half of $ON for a 6% gain and raised the stop on the second half.
Stocks kicked off a holiday-shortened week of trading with ugly distribution days in the Nasdaq Composite and S&P 500. The Nasdaq Composite dropped -1.3% on volume and closed with a wide-ranged, bearish reversal candle after a failed gap up to highs. Although the S&P 500 only gave back -0.3%, it closed -1.2% off the highs of the day after a failed breakout attempt.
The S&P 500 and Nasdaq Composite are still in trend mode above the rising 20-day EMA. Midcap growth ETF $IWP is no longer in trend mode as it sliced through the 20-day EMA.
Russell Midcap Growth $IWP
In last night’s report, we mentioned “there was some disappointing action in leadership last week, but the good still outweighs the bad and our timing model remains on a buy signal.” The timing model is still on a buy signal, but in the short term, Monday’s selling forced us to raise some cash and tighten up stops. Whether we are short-term cautious for a few hours or a few days, will depend on how stocks react to Monday’s selling.
There are no new setups for Tuesday. Note that the $NEWR buy stop has been canceled.
We sold all of $AMD, half of $ON, and raised the stop on the remaining half to lock in gains. $ZI stops triggered for a scratch gain. Recent breakouts in $ZI and $S were disappointing due to the weak follow-through.
We now have four open positions in the model portfolio: $NVDA, $RBLX, $ENPH, and $ON. By selling $AMD and $ON, we reduced exposure to semis to help us sit through a pullback in $NVDA. Note that we tightened up the stop on half the $NVDA add due to Monday’s ugly reversal.
We are trying to give $NVDA, $RBLX, and $ENPH enough room due to the explosive follow-through from our buy points. For those who do not wish to hold through a potential pullback, selling all or partial size near Monday’s close may be best. Really depends on how one prefers to trade.
Unofficial Setups – For experienced traders only, no guidance is given for these setups.
- none
Start my Wagner Daily membership now to start receiving winning Morpheus stock trade signals, including a stock portfolio you can easily follow. The Wagner Daily PRO includes live swing trader room for daily, real-time trade ideas and powerful stock trading education.
