A few I’m looking at

//A few I’m looking at

Hawk’s Scan Sentry Report November 6

Welcome to Hawk’s Scan Sentry Report. This is Sunday night with stock analysis from Jan Arps’ Scan Sentry Toolkit for the week beginning November 7.

Last week I wrote that I wanted to be ready to go down with the market mistress, and it’s a good thing that I was. Although, the S&P index was only down 2.4% on the week, my short recommendations managed to fall an average of almost 8%; while my long prospects only lost an average of 1.5%. My point is not to boast but to clarify that, even though at the end of last week I was bullish on the market in general, it pays to be ready for anything. We must humbly accept that no person (including ourselves) knows what the market will do, and take complete responsibility for our trading by being as prepared as we can be for any eventuality .

So what am I looking for now? At this point it appears to me that the S&P index has moved its trading range up from its previous boundaries of 1110 and 1220 to the point that now 1220 appears to be support instead of resistance. If that level holds we could see a rally into the end of the year. If that support level fails, then I believe we could see the market get much heavier. It looks to me as though the distribution phase of this two year rally is already well under way. As always, I’m going to try and be ready to earn some profits short term as well as long term either way.

And now here are a few symbols identified by the “Arps Scan Sentry Toolkit” that I am looking at this week.

_____Longs_____

GRMN

(This is a nice breakout to new highs on a Pullback 23 followed by a pullback to the previous resistance level at the short-term Triple Trender ).

SRE

(This one has a bullish Pullback23 at support within a Flag pattern ).

_____Shorts_____

KO

(Note Pullback 23 after a nice pivot divergence with Radar2 Price Leader ).

APKT

(Note the overbought Trend Exhaustion1 signal in a pullback in a downtrend. Beware the pivot divergence in the Radar1 Fear/Greed indicator ).

May the trend be with you,

Hawk

Jan Arps’ Traders’ Toolbox is not an investment advisory service nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities customers should buy or sell for themselves. Examples presented on this site are for educational purposes only.  It should not be assumed that the methods, techniques, or indicators presented in these examples will be profitable or that they will not result in losses. There is a high degree of risk in trading.  Readers using this information are solely responsible for their actions and trade at their own risk. Readers should always check with their licensed financial advisor .

2018-01-08T08:19:08+00:00November 7th, 2011|Hawk's Picks|