Deja vu?

Hawk’s Scan Sentry Report October 2

Welcome to Hawk’s Scan Sentry Report. This is Sunday night with stock recommendations from Jan Arps’ Scan Sentry Toolkit for the week beginning October 2.

The S&P index closed near the low end of September’s trading range which we were also testing this time last week.  In fact Friday’s close is only 2 points off of the close from the previous week. In the long run it’s almost as if this past week didn’t even happen. There are, however,  a few subtle differences in the technical analysis between this week and last… The Radar1 Fear/Greed indicator today is showing less selling pressure than it did last week. In fact, using a sensitivity setting of 6,  it is pretty neutral at this time. Also the fast line of the Radar2 Price Leader (3,5) has crossed the slow line. It is not only higher than it was when price was at this level a week ago, but this week it crossed just above it’s centerline out of a state of deceleration. These are some of the reasons I am looking for bullish signals this evening. Mind you, there is clearly no indication of bullish control of the markets; nonetheless, it appears to me as price rests near key support, that the bears have lost a bit of their momentum and as a consequence there may some buying opportunities.

Although at this time I have a slight bias to the upside, I am also looking for some good shorting possibilities in order to hedge my prospects.

Here are a few stocks that I am looking at.

_____Longs_____

SGEN

Note that we have just pulled back to the breakout price in a Bull flag. Which is also the short-term Trender  on a recent bullish Triple Trender signal. Also note rising fast-line on Radar2.

NEM

Note the Pullback 23, another pullback in a bullish flag breakout, and a trend divergenge in the Radar2 Price Leader.

SPRD

Note pullback 23 is setting up and a Type II Trend divergence in the Radar1 Fear/Greed  and Radar2 Price Acceleration oscillators.

_____Shorts_____

SKS

Note the pullback to the short-term Trender on the previous bar to the recently aligned Triple Trender, and the decelerating cross of the Radar2 Price Leader.

BMS

Note decelerating Radar2 Price Leader, and recent Trender Pullbacks.

GBCI

Note increasing bearish pressure in Radar1 Fear/Greed and recent Trender Pullback to aligned Triple Trender.

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 .

2018-01-08T08:27:15+00:00October 3rd, 2011|Hawk's Picks|