The Wagner Daily – $TMDX: Trading Tight Price Swings After Gap Up

The Wagner Daily – December 5, 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:

• Stopped out of $ARRY add only.
• $ENPH buy stop triggered. $MEDP buy limit order triggered.
• Per intraday alert, bought $TMDX.

Commentary: 

Stocks closed out last week’s trading on a positive note. The market’s initial reaction to strong payroll data Friday morning was negative, but buyers stepped in and pushed the averages higher with a close near the highs of the session.

With buyers stepping in following negative news (strong payroll data), we have a rally that is beginning to act more like a bull.

Based on last week’s trading, we can continue to increase long exposure as long as we are making progress in our current long positions.

Per intraday alert, we added TMDX to the model portfolio, in addition to the planned entries in $ENPH and $MEDP.

We bought $TMDX due to the price swings tightening up from left to right on the daily chart below following the gap. Our entry comes two days after the initial breakout buy around 61.30. We paid up a bit, but still have a decent entry with a stop below the rising 20-day EMA.

There are new official setups for Monday, but we are monitoring our watchlists for low-risk buy points.

Although a bit extended now, $SMCI is one to watch during the next few weeks due to the explosive move off the lows. We are looking for a 2-3 week pause with price holding up around the 20-day EMA (around 15% off the swing high).

Unofficial Watchlist

• Longs – Watching $MOD – 21.47, $HLIT – 15.40,
• Shorts – none

Rick 

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

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