Wagner Daily Lite for March 7, 2012 – Another Distribution Day ($SRS) ($USO)
Stocks got slammed on Tuesday on brisk trade. All five major indices closed in the red by more than one percent. The small-cap Russell 2000 and S&P MidCap 400 plunged 2.1% and 1.9% respectively. The Dow Jones Industrial Average slid 1.6% while the S&P 500 lost 1.5%. The Nasdaq fared the best, but not by much. The tech-rich index ended the session down by 1.4%. All of the 104 sectors that we follow ended the day lower, with heavy construction, automotive, financials and oil services leading the plunge. Semiconductors and retailers showed the most strength as they contained losses to less than .5%.
UltraShort Real Estate (SRS) has been drifting sideways in a tight range at the 20-day EMA the past few weeks after breaking the daily downtrend line. The price action on March 5 served as a minor shakeout, which was followed by a higher volume reversal day on March 6. We are placing (SRS) on the watchlist. Trade details are posted in the Watchlist section of today’s report.
The commentary above is an excerpt from our nightly Wagner Daily newsletter. Subscribing members receive detailed entry and exit prices for our swing trade setups, additional annotated ETF and stock charts, technical market commentary, and access to our Live Trading Room. Click here to become a member for as low as $58 per month. Your full satisfaction is guaranteed.