Portfolio exposure can be anywhere from 75 to 100% long. If positions are holding up well, then one can add exposure beyond 100% (for experienced traders only).
Past signals:
- Neutral signal generated on close of November 6.
- Buy signal generated on close of September 9
- Neutral signal generated on close of August 15
- Buy signal generated on close of July 11
- Neutral signal generated on close of July 5
- Sell signal generated on close of June 24
today’s watchlist (potential trade entries):
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open positions:Below is an overview of all open positions, as well as a report on all positions that were closed only since the previous day’s newsletter. Changes to open positions since the previous report are listed in pink shaded cells below. Be sure to read the Wagner Daily subscriber guide for important, automatic rules on trade entries and exits.
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closed positions:
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ETF position notes:
- No trades were made.
stock position notes:
- $CAMT buy entry triggered. $GOMO ran more than 1.3% above our trigger within the first 5-minutes of trading, so the setup was canceled.
ETF, stock, and broad market commentary:Stocks traded in a very narrow session all day long, creating an inside day on the daily charts of the major averages. The percentage moves on the day were limited for the most part to the -0.1% to +0.1% range.
While the main averages chopped around, the retail sector once again showed relative weakness, with Best Buy ($BBY) gapping down around 30% on the open. The weakness has spilled over into leading retail stocks $KORS and UA this week.
We continue to see strength in alternative energy stocks and ETFs such as $SCTY, $TAN and $FAN. We remain long $SCTY in the stock portfolio, which is up 43% from the initial entry point off the 50-day MA in mid-December.
We have two new buy setups on today’s ETF watchlist in Global X FTSE Greece 20 ETF ($GREK) and iShares MSCI Japan ($EWJ).
$GREK is currently finding support at the rising 10-day moving average after a big volume breakout last week. The breakout was from a bullish three-month consolidation, on volume that was about double its weekly average.
The buy entry is nothing fancy, just a simple pullback off the swing high as the price action seems to have found support around $20.70.
Looking at the weekly chart below of $EWJ below, we see the price action has tightened up nicely the past few weeks above the 10-week MA. This tightening of the price action just below the base high often signals that the consolidation is ready to breakout soon.
The 40-week MA has remained in a clear uptrend since $EWJ topped out last April, and the price action for the most part has held around the 10-week MA since last October. If $EWJ can breakout, the monthly chart suggests a target in the $14 to $15 area, as there is quite a bit of resistance from the highs of 2006.
On the stock side, $CAMT triggered a buy entry. $GOMO triggered as well, but was at least 5% above our entry point by 9:35 so we canceled the setup (see link at the top of this report to the subscriber guide for detail on the 5-minute rule).
For those who are long $GOMO, you have a few options. Continue to hold full position with a stop below the 20-period EMA on the hourly chart, or sell half of the position on Friday’s open, and set the stop on the remaining half below the 20-period EMA on the hourly chart. Either one will do…its up to you.
We have two new setups on today’s watchlist and both are buy limit orders. These orders will not trigger until the price pulls back to our entry point.
We are looking for a small pullback in $FB to the 20-day EMA on the daily chart below. We plan to add another 25%, giving us a 50% position.
The other buy limit order is for $BSPM, as we are looking to enter on a slight pullback on the open. We are going with a pullback entry because an entry on strength may simply rip too much within the first 5-minutes to get a decent fill. Hopefully we can be filled before this stock runs higher. $BSPM is a swing setup (not a core).
Other stocks looking good for entry (unofficially) are: VJET – above 42.40, ACAD above 24.80, and BORN above 2.80. Please check for earnings on these setups to see if they fit your style of trading.