The Wagner Daily – Stock Watchlist: $AMD and $TSLA

The Wagner Daily – December 29, 2021

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MTG Market Timing Model – BUY   

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, bought $AMAT on a pullback to the base high.

Commentary:

Just a reminder, US markets will be open this Friday and the following Monday as it is the end of the quarter, month, and year. Happy New Year!

After a solid four-day advance, stocks pulled back in on lighter volume. Although this week is not a holiday-shortened week of trading we do expect volume to remain light through the end of the year.

Growth continues to struggle with money flowing into S&P 500 leadership and slower-moving tech.

$IWP is one of a few growth ETFs we monitor that is nowhere near highs ($FFTY is another).  

In yesterday’s report, we mentioned the lack of buy setups as most charts worth monitoring were extended in the short term. The same goes for Wednesday’s session, as most charts could use another day or two of sideways to lower action.

Per intraday alert, $AMAT was added to the model portfolio on a pullback to the base high. If the $158 area does not hold, then look for the rising 8-10-day EMAs to provide support.

There are two official setups on Wednesday’s watchlist. Both are buy limit orders to enter on weakness in $AMD and $TSLA. We did send out an alert to cancel the $AMD buy limit on Tuesday, but it’s back on the list for Wednesday.

$EXPE reclaimed the 50-day MA last week on heavy volume and has since chopped around in a tight range with light volume. Watch for a move through $183 and $186 to spark some buying interest. This is not an official setup.

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

• $PFE – buy stop 59.60
• $QCOM – buy stop 187.00
• Watching $NUE $AA $PAYX $EXPE $DLTR $EPAM

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