Market Falls Hard Despite Holliday Shortened Session


Due to the holiday shortened session, today’s issue of The Wagner Daily will be an abbreviated version.

Stocks fell sharply on Wednesday on mixed, but surprisingly high, pre-holiday volume. All five major indices plunged more than 2.0%, with the small-cap Russell 2000 losing 3.2%. The S&P MidCap 400 fell 2.7%, while the Nasdaq, S&P 500 and Dow Jones Industrial Average slid 2.4%, 2.2% and 2.1% respectively.

Market internals were mixed. Volume fell on the Nasdaq by 4.6% but rose on the NYSE by just over 2.0%. Declining volume overwhelmed advancing volume by a factor of 24.3 to 1 on the NYSE and 12 to 1 on the Nasdaq. Based on these figures we would classify Wednesday as a distribution day for the NYSE.

EUO hit its trigger and we entered the trade. Full trade details are available to our subscribers in the watchlist segment of the newsletter.

The market continues to slide lower and there appears to be no respite from the selling pressure. However, four consecutive days of mixed internals have saved the market from what could have been complete carnage.

Today’s Watchlist:

There are no official setups for today. As always, we will send an intraday alert if any new trades are made.

Daily Performance Report:

Below is an overview of all open positions, as well as a performance report on all positions that were closed only since the previous day’s newsletter. Net P/L figures are based on the $50,000 Wagner Daily model account size. Changes to open positions since the previous report are listed in red text below. Please review the Wagner Daily Subscriber Guide for important, automatic rules on trigger and stop prices

    position summary

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  • EUO buy setup triggered over the 5-minute high.
  • Reminder to subscribers – Intraday Trade Alerts to your e-mail and/or mobile phone are normally only sent to indicate a CHANGE to the pre-market plan that is detailed in each morning’s Wagner Daily. We sometimes send a courtesy alert just to confirm action that was already detailed in the pre-market newsletter, but this is not always the case. If no alert is received to the contrary, one should always assume we’re honoring all stops and trigger prices listed in each morning’s Wagner Daily. But whenever CHANGES to the pre-market stops or trigger prices are necessary, alerts are sent on an AS-NEEDED basis. Just a reminder of the purpose of Intraday Trade Alerts.
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      Edited by Deron Wagner,
      MTG Founder and
      Head Trader