Category: The Wagner Daily – Archives

There are no new official setups for Wednesday. However, $GNRC is approaching the highs of its base and maybe in play on a heavy volume breakout. When entering at an obvious buy point, one could go with a 6% stop or use a close beneath the low of the breakout day as an early exit. 

$GNRC has both ramping earnings and sales growth the last three quarters along with solid IBD ratings, so it is a top-rated stock for us.

$SNAP failed to follow through on Friday’s higher volume move through the breakout pivot. We have a split stop in place looking for the price to hold the 10-day EMA.

$INMD is in chop mode after gapping above the swing high near $86. With solid numbers all around, it is a must-own for us on strength over last Friday’s high, or on weakness near the rising 10-day EMA.

The official entry is with a buy stop.

$RBLX – buy at 92.55

$SHOP – buy at 1,238.00

$ZLAB – buy at 175.00

We sold $LSPD late in the day as price was closing below the low of the breakout day and breaking the 10-day EMA. No reason to stick around.

Broad market averages recovered from a morning selloff and closed in the top half of the day’s range. Growth based ETFs $FFTY and $IWP are trending higher (with higher swing highs and swing lows) above the rising 10,20, and 50-day MAs, which is good news for our style of trading.

All three buy setups triggered on Tuesday. $SNAP was a false trigger due to the morning gap up which only traded above our trigger for a minute before reversing lower. For those who actively watch the market, getting in over a 1 or 5 minute high is the way to go to avoid a false trigger. For those who are unable to watch the open and set buy stops, these false triggers happen from time to time and are tough to avoid. One possible solution is to use a time based order if your brokerage allows. A time based stop could be set to go live at 9:35 am or any time you select rather than on the open.

$SE looks pretty good as it was able to recover and close above the trigger. Note that we have a buy limit order to add to our position.

$LSPD closed below the breakout pivot which isn’t ideal. However, if Wednesday’s price action can hold above Tuesday’s close, then we could see a re-breakout attempt within the next few days.

Note that we are selling $LESL on Wednesday’s open due to news of the secondary. We’d rather just exit with a small loss and put money to work elsewhere.

Note that the $UPST stop is breakeven to prevent a winner from turning into a loser.

In addition to the add in $SE, we have one new buy setup in $DV, which is a recent IPO that trades around 700k shares per day. $DV rallied +30% off the lows before stalling at $37 and chopping around in a tight range on light volume. We like the support from the 10 and 20-day EMAs and have a buy stop to enter over the two-day high.

The Nasdaq Composite set a higher high (within the base) and took out the prior swing high from 5/7. Both positive signs for this index which is now gaining momentum.

There are three new official setups for Tuesday’s session.

$SNAP and $SE are consolidating in a tight range above the rising 10-day EMA.

The Nasdaq Composite remains on a buy signal after reclaiming the 20-day and 50-day MAs last Friday. However, the buy signal isn’t ideal as cyclicals have outperformed growth, though grow is starting to participate.  

Watching – $CLF $ADM $POOL $DKS $RCII $FDX $CLF $APP $UPST $NVDA

$PATH’s inside day on Wednesday bounced off the 20-day EMA and closed above the 10-day EMA. A buy stop can be placed above the high of the inside day with a stop beneath the 2-day low. $PATH reports earnings next Tuesday 6/8. This is not an official setup.