Welcome to Hawk’s Scan Sentry Report. This is Sunday night with picks for early this week.
There is a lot going on right now, and it would be easy to second guess one’s trading plan by trading the news. The problem is, it seems like there’s always bad news. Well that’s because, by and large, only the most worrisome events are published as news. In fact, many ‘stories’ are intentionally framed by the media moguls to incite apprehension. Fear sells and motivates. Well, I guess ‘The Market’ must have turned of it’s television and radio because, in spite of several years of doom and gloom, somehow the American indexes have rallied faster and farther than ever before in history. That’s why the savvy trader will get his/her news from the charts. The only information that is important to the stock market is who is putting their money where and when…. And the only way we can have any clue to that is by learning to read the data provided by technical analysis.
Don’t get me wrong, this week I am tending to be more bearish than bullish. But not because of Libya, nor because of Washington’s unwillingness to collect the revenue it needs to keep our government doing the people’s business. No, I’m bearish because I am in agreement with the way one well respected trader recently put it when he said, “The market is acting a little heavy in here to me. Prepare to batten the hatches…”
Nonetheless, because I want to be prepared for anything, I am once again monitoring both long and short possibilities for this week. Below are my offerings for entry possibilities. I have come by them by performing scans using the TradeStation Scanner configured with tools from Jan Arps’ Scan Sentry Toolkit and other filters, and then sorting the results on the RadarScreen with the Scan Sentry Toolkit applied. So, through the laborious efforts of technical analysis made so much easier by the Arps Scan Sentry tools, here are this week’s selections. Always remember, although equity selection is important, by itself it is insufficient for consistent market success. Disciplined risk management is needed to prosper in the financial jungle which is the stock market. Please, patiently wait for the highest probability signals in the strongest of these or other stocks to develop before you commit any capital.
Here are the picks…
All of these symbols showed recent signals in the Trend Exhaustion 1 tool.
May the trend be with you,
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 .