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Talking ETFs And Stocks With Deron Wagner
Deron Wagner: Stocks closed in mixed territory with minimal gains and losses. Heavy volume selling in $AAPL put pressure on the Nasdaq 100, which closed with it’s first loss in a few weeks after a failed breakout attempt above the two-day high.
Not much to talk about in terms of broad market price action, as all major averages are in trend mode and above the rising 10-day MA, while avoiding bearish distribution days.
$ILMN stopped us out of our add yesterday. We may buy back the shares we sold within the next few days if the price action can hold above the 50-day MA.
$GRUB broke out from a 12-day trading range, triggering our buy entry to add to an existing position. Volume confirmed the advance, as $GRUB traded nearly 80% of its average volume within the first hour. It closed with a 100% spike in volume.
We have a few new positions on today’s watchlist. For investors who are already 75-100% or more invested on the long side, passing on new setups is fine. For those who have just signed up, build exposure with a few positions at a time and avoid establishing 7-10 new positions at once.
Remember that The Wagner Daily is not a mock portfolio to be followed trade for trade. We are an idea generation service, so at some point there will simply be too many setups for one to follow. Try to limit the number of long setups to 10-12 (maybe 15).
After breaking out above a prior high on heavier than average volume 7 bars ago, $MGNX has pulled back into the 20 and 50-day MAs. Overall, we like the 10-week cup with handle consolidation that has formed.
$MGNX is only 15% off its all-time high, so it has the potential to become an explosive mover.
A move above Wednesday’s high is the entry point with a fairly tight stop just below the 50-day MA.
Social Media ETF ($SOCL) has formed a tight range the past few weeks after breaking a short-term downtrend line while holding above the 10-week moving average.
A breakout above the 4-week high could lead to a rally to the $20.50 – $21 area. The price action still has to punch through the 200-day MA on a daily chart, but the 200ma has flattened out and is beginning to trend higher. The 20-day EMA crossed above the 50-day MA, and the 50-day MA has also flattened out and trying to turn up (momentum is building).
So what do you think?
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This article is brought to you courtesy of Deron Wagner.
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Source: http://marketdailynews.com/2015/02/26/talking-etfs-and-stocks-with-deron-wagner/
