Category: The Wagner Daily – Archives

$NET is one of the only stocks in the growth space moving higher on bullish price and volume action but reports earnings on 5/6. We are not buying $NET but will monitor the action closely this week.

S&P 500 is leading the market higher, it was extended two weeks ago and then chopped around the range and found support at the rising 10 EMA, then there was a bit of stalling action here at 428 with an failed attempt to go a bit higher followed by another failed attempt which took out the prior days low.

New breakouts in growth stocks are holding up but lack the explosive price action we are used to, as conditions remain less than ideal for growth.

Money is flowing back into energy after a month or so of rest which has helped our recent entry in $CPE push 10% higher in a few days. Let’s see if we can increase our exposure to this group within the next week or two.

Per intraday alert, we re-entered $SNAP after stopping out on the open. The re-entry was based on the bullish reversal action as the price cleared the prior day’s close in the last hour of trading.

The model portfolio stopped out of $SNAP on Wednesdays’s open, but per intraday alert, we re-entered as the price action reversed higher and turned positive on the day.

With the addition of $CPE (buy limit) and $SNAP (bought via an intraday alert), the model portfolio is up to six long positions. Let’s see if some of these positions can follow through before adding more exposure.

We closed two trades in the model portfolio on Tuesday. $IR triggered a near break-even stop for a small loss. Per intraday alert, sold $NVDA for small -1.2% loss due to the lack of follow through from our entry.  Both losses totaled less than $70 on 50k, so very little harm done.

There are no new official setups for Wednesday. Please see today’s unofficial watchlist for some ideas.

As mentioned above, we bought $SNAP via an intraday alert as it took out the prior day’s high and created an engulfing candle-type look. However, the price weakened into the close. If Wednesday’s trading can hold above Tuesday’s close, then that would be a positive sign.

For those not already long buy stops can be placed above the 3-day high and at the handle high.

Monday’s close in $CRWD was the first above $224 after three failed attempts. Volume picked up, so let’s see if there is any follow-through the rest of the week. We have a buy stop to add to our position over the two-day high with a stop below the rising 8-day EMA.

$TSLA is forming a legit handle above the 50-day MA but reports earnings on 4/26. Ideally, we’d love to see a post-earnings gap up above $780 to generate a buy signal.

The Wagner Daily – April 23, 2021 Below is the full, archived issue of The Wagner Daily swing trading report (sent to members the night before the publication date). Subscribe now for your access to the best stocks for swing trading, proven Morpheus stock trading strategy, and market timing model with a 20-year track record. […]

$NVDA broke out to new highs on a pick-up in volume last week. The price has pulled back to the 10-day EMA and undercut the base high, which was the buy pivot. As mentioned above with $ALGN, the base high serves as a buy pivot when there is no handle.

Wednesday’s light volume inside day is constructive (dry up in volatility and volume)  and suggests that the stock may be ready to reverse higher.  We have a buy stop in place over the two-day high.

After stopping out of $CRWD, $ETSY, and $FUTU, the model portfolio is 100% in cash. Recent breakout trades in $RBLX and $FUTU failed to follow through which was disappointing.

There isn’t much to do right now so it may be best to sit in cash for a few days. We will see what develops.

The Nasdaq Composite is tightening up from left to right on the daily chart, which is constructive action. Even if the price pulls back into the 50-day MA, it will only be a 4% swing, which is tighter than the last swing of 6%.

Per intraday alert, we purchased $CRWD and $FUTU. $CRWD failed to follow through and closed well off the highs of the session. $FUTU ripped higher, which was an impressive showing given what the market did.  However, after the close, $FUTU sold off about 10 points in reaction to news of a secondary offering.

For those who were able to enter closer to $160, a break-even stop will do. Officially, the stop is just below the 61.8% fibo level and our entry around $164.