HaiKhuu Daily Report 03/21/2024
Good morning, and happy Thursday! I hope you all are smiling after watching $SPY make a new all-time high and are excited about trading today. We have the Reddit IPO which is planned to debut at $34/share and should be an extremely fun play with a lot of potential to realize a significant amount of gains. I’ll talk more about the game plan later on in the report. Continue to tread lightly on these market conditions but capitalize on any and every opportunity that will be presented to you. There is a very high likelihood that market conditions continue to rally from here, so realize some gains while markets have the right momentum and opportunity. This is going to be an amazing day for the markets, so let’s have some fun!
Good luck trading, and let’s watch as $SPY continues to rally!
The updated $SPY daily levels are as follows:
Conversion Line Support: $515.96
Baseline Support: $508.68
Psychological Support: $500
Daily Cloud Support: $489.78
$SPY Daily Candles - [03/20/2024]
Thoughts & Comments from Yesterday, 03/20/2024
Yesterday was a beautiful day for the markets that provided us with opportunities to realize a significant amount of gains. Markets absolutely rallied on FOMC, with Jerome Powell pushing $SPY to make a new all-time high. Conditions were phenomenal, and opportunities were plentiful. The large majority of traders should have been able to realize gains with ease attempting to trade yesterday, and I know that even more traders had an amazing time in the process. Life is good as markets are beautiful.
We started the day with $SPY trading at $515.80, remaining relatively neutral from the previous close, but it is honestly irrelevant as the only movement that mattered was the preparations for FOMC and Jerome Powell. $SPY chopped around early in the morning but continually trended around $516 because everyone was preparing for 2 pm EST, so not much was happening. Conditions were slow and drawn out, but watching the markets absolutely rally was genuinely an amazing time.
Right at 2 pm EST, the Fed’s decision on the interest rate came out, maintaining the current rate and pushing the expectations of a rate cut further down the line as the current economy is doing well as they target a 2% interest rate, which caused the markets to rally, but conditions settled down as Jerome Powell was about to take the stage. As Jerome took the stage, markets absolutely loved everything he had to say, as markets rallied heavily as he was speaking, continually making new all-time highs, breaking out past $520, and leaving many bears in shambles.
We ended the day with $SPY trading at $520.48, up $4.77 for the day, or approximately 0.9%, with an intraday bullish movement of $4.68. It was an amazing day for the markets, with a new all-time high and great opportunities to realize a significant amount of gains. Everyone should have had a great time and generated a significant amount of gains. Conditions were amazing, and market movement was even better. Let’s see what the markets have in store for us today and have a great time in the process.
Heatmap - $SPY 03/20/2024
Thoughts & Comments for Today, 03/21/2024
Today is going to be a fun day. As I said before, we have the Reddit IPO today, which is going to be amazing for the markets and will provide us with some consistent opportunities not only to trade but also to realize a significant amount of gains in the process. $SPY is looking good, trading above the previous all-time high at the time of writing this report, so prepare accordingly, as we all should be able to realize a significant amount of gains while attempting to trade today.
Before going over my plans on how to navigate the Reddit IPO, I want to talk about generally how market conditions are at the moment. Conditions are still extremely strong, mostly as $SPY has just made a new all-time high. Conditions are strong, and opportunities will be present, but this does not mean you should be blindly optimistic about these market conditions. We will see many organizations go through rough patches, and you should look to be a sniper in these market conditions. Taking a shotgun approach to the markets may work out, but it is obviously always going to be better to attempt to simply ride the market momentum and capitalize on strength in the organizations that are trending. It is easy to ride the wave in these conditions and realize gains in the process. Be smart, practice risk management, and protect your downside risk. But at the same time, look to maximize the amount of gains that you are able to generate while still being safe in the process. The best traders should have absolutely zero problems remaining consistent in these market conditions.
And now for the fun part… Reddit IPO. This is going to be the main priority for the day, and it is going to be a lot of fun.
So I am going to be biased with my thought process, and this is just a reminder again that this is not financial advice nor a signal to buy or sell any positions.
But with the Reddit IPO today, this is going to be one of the most hyped IPOs of 2024. Many people will be watching and attempting to trade this, which will give us all great opportunities to trade and realize gains in the process. This is not advice to buy and hold Reddit, but a suggestion to attempt to actively trade it. I personally may or may not be able to trade the IPO today, but if given an opportunity to do so, this is my game plan.
I anticipate purchasing shares of Reddit the SECOND that it opens. Many traders will attempt to purchase the Reddit IPO the second shares become available. If you are able to front-run those orders and get in before everyone else, you should be able to generate some realized gains. As long as you can get in before everyone else, you will be in a great spot. I do not suggest you attempt to hold the position too long, though; look to exit the position quickly and realize some gains in the process. I do believe reddit is a great organization and provides an amazing product, but the issue I have with them is their operations. If I am able to trade the IPO, my plans are to take profits quickly, and then to simply take my profits in the form of a zero-cost basis free equity play, and holding that position as my exposure in the organization. I believe that they have a lot of potential as a company, but just because I believe they have potential does not mean that you should invest heavily in the organization. People will be making money hand over fist during the IPO, but that does not mean that there is not the potential for the organization to go down. There are many fundamental issues going on with the organization that should concern you if you are attempting to invest, but that does not matter when looking to scalp the IPO.
Get in quick during the IPO, and scalp your hearts out and realize some gains.
For my allocations today, I will be keeping them simple. I do not plan on actively scalping and trading today as I will be MIA, but I will be looking to take advantage of the Reddit IPO. My plan is to simply scalp the Reddit IPO with the plan above, and this should realistically be enough to keep me satisfied. I may cut my $BA position, but that is just a matter of how my flight goes later (jokes). This is going to be a fun day for many of you, and I hope you all are excited!
If I decide to get into any other plays and see opportunities, I’ll announce what I see in the HaiKhuu Discord.
HaiKhuu Proprietary Algorithm Report:
My Personal Watchlist:
Note, just because something is on my watchlist does not mean it is a signal to buy or sell any equities
Watchlist:
$SPY, $RDDT, $BA, $TSLA, $RIVN, $GOOG/L, $ASML, $NVDA, $AMD
LONG OPPORTUNITIES:
Long-Term Dividend - $GAIN / $JEPI
Long-Term Investment - $BA
Confirmed Re-entry - $RIVN
Economic News for 03/21/2024
Jobless Claims - 8:30 AM
Philadelphia Fed Manufacturing Index - 8:30 AM
S&P Global US Manufacturing PMI - 9:45 AM
S&P Global Services PMI - 9:45 AM
Existing Home Sales - 10:00 AM
US Leading Index - 10:00 AM
Notable Earnings for 03/21/2024
Pre-Market Earnings:
Accenture (ACN)
Academy Sports (ASO)
Sundial Growers (SNDL)
Darden Restaurants (DRI)
Baozun (DRI)
FactSet Research (FDS)
Lufax Holding (LU)
Shoe Carnival (SCVL)
Designer Brands (DBI)
Titan Machinery (TITN)
After-Market Earnings:
Nike (NKE)
Lululemon Athletica (LULU)
FedEx (FDX)
Direct Digital (DRCT)
AAR Corp (AIR)
Vitru (VTRU)
Scholastic (SCHL)
Worthington Steel (WS)
Wrap up
This is going to be a very fun day for the markets, mostly with the Reddit IPO coming. Watch out for a $SPY new all-time high, and as always, make sure to practice safe risk management. Market conditions are going to be beautiful, so look to realize as many gains as possible. Tread lightly on these market conditions, but make sure to have a great time in the process. Protect your bottom line, and enjoy the ride the markets are about to take on.
Good luck trading, and let’s see how this Reddit IPO does!