The Wagner Daily – Stocks to Watch: Homebuilders, $ZS Short

The Wagner Daily – December 13, 2021

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MTG Market Timing Model – BUY  (S&P 500 and Nasdaq Comp are trading above the rising 20-day EMA)

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):

open positions:

closed positions:

position notes:

• Per intraday alert, sold $NVDA for a small loss.

Commentary:

The S&P 500 pushed above the two-day high and set a new all-time closing high on Friday. With the Nasdaq Composite and Nasdaq 100 barely hanging on to the 20-day EMA, the S&P is the leading index. However, leadership within the S&P 500 is narrow, with $AAPL, $MSFT, $ORCL, and $CSCO doing most of the heavy lifting.

The timing model remains on a buy signal with the S&P 500 and Nasdaq Composite both above the 20-day EMA but growth stocks are not in favor right now. Growth ETFs $IWP and $FFTY are relatively weak and trading below the 50-day MA ($IWP) and 200-day MA ($FFTY).

The model portfolio is down to one open position in $TSLA after selling $NVDA late Friday afternoon due to the lack of buying interest around the 20-day EMA for the second day in a row. Another close below the 20-day EMA could lead to a rollover and test of the 50-day MA.

$TSLA bounced off the 50-day MA again.

There are no new official setups for Monday.

Below are a few stocks that may be in play this week… no setups, just monitoring for now.

$NVDA $SNOW $JXN $CIEN $FLR $PFE $HD $MRVL $QCOM $APA $CSX $CDNS $LSI $ESI $TECK.  Homebuilder stocks may be worth tracking for a pullback entry later this week.

Shorts – $ZS $BILL

$ZS is in play unofficially below $300.

Our short-term game plan is to lay low and wait for better conditions and setups to emerge as this is a tough market to put much money to work.

Unofficial Setups – For experienced traders only, no guidance is given for these setups.

none

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