The Wagner Daily – $GFS Seeks Reversal After 3 Inside Day

The Wagner Daily – December 6, 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:

• Note the new stops above highlighted in yellow.

Commentary: 

Stocks failed to follow through on last Friday’s reversal action. Monday’s selling was a disappointing day for the bulls, but let’s see if the broad-based averages can hold on to the 20-day EMA. A break of the 20ema would open the door for further weakness.

Given the lack of follow-through in the market, we are playing a bit more defense today. Note the new stops above.

We tightened up the $TMDX stop and if triggered will look to re-enter off the 20-day EMA. The stop in $ARRY is based on the price action being wild as of late. Rather than sit in the trade waiting for the action to tighten up, we have a tight stop in place and will look to re-enter if/when price calms down.  We also have exposure to solar with $ENPH. 

$GFS has seen 3 inside days in a row following last Wednesday’s wide-ranged reversal candle. We are looking for the price action to reclaim the 20-day EMA within the next day or two. If we were not already long, and the market pushes higher, this would be one to watch for an entry on a move through the 20-day EMA.

Unofficial Watchlist

• Longs – if market strengthens – $CPRX – 17.58
• Shorts – none

Rick 

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

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