Hawk’s Scan Sentry Report October 9
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 10.
Well the past week has been a wild ride, giving the quick and responsive trader plenty of opportunities to make (or lose) money going both ways. SGEN was my pick of the week gaining 17%, and I am still holding onto it for more. We were in the money on our bearish picks on Monday, but were stopped out at break-even on that incredible rally on Tuesday afternoon.
I heard many pundits profess all kinds of reasons for the powerful upthrust of last Tuesday afternoon, citing news articles from the Financial Times or comments made or not made by Chairman Bernanke or European finance ministers. I say BUNK! To me the reason for that rally was and is clear…. there were a lot more buyers than there were sellers. Granted, many of those buyers may have been covering short positions. Others may have seen the market adequately oversold and bought into that weakness as I predicted last week. The bottom line is that resistance held at 1070 and now that is clearly our line in the sand.
So what do we have for this week? I don’t see this rally extending past 1215 in the S&P, with significant resistance at 1195. As usual I am looking at opportunities in both directions in order to best take advantage of what the market shows me.
Here are a few stocks that I am looking at.
Note price broke resistance 6 bars ago, then pulled back to support, now is making new highs. Bullish Radar 1 Fear/Greed and Radar 3 Trend Strength Index.
Note new price highs (since the August collapse), Radar1 Fear/Greed turning bullish, Radar2 Price Leader accelerating, and Radar3 Trend Strength Index turning bullish. May retest $77.50 before moving higher.
Note Triple Trender synchronized all three trenders. Look for pullback close to short term Trender for entry. Also note Radar1 Fear/Greed turning bullish, Radar 2 Price Leader accelerating, and Radar3 Trend Strength Index turning bullish. Radar 1 Fear/Greed demonstrating accumulation pattern. Beware of unfilled gap…
Note unfinished Bear flag pattern and Pullback 23 setting up at resistance.
Note Pullback 23 at resistance.
Note Pullback 23 and unfullfilled Bear Flag pattern. Alao Radar 1 Fear/Greed still very bearish.
Good trading, and celebrate living,
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 .