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 ).