HaiKhuu Daily Report 05/14/2024
Good morning, and happy Tuesday! Meme season is back, and the markets are INSANE right now. I hope you all are ready for what should be an extremely interesting time for the market conditions, and I am excited to see this all unfold with each and every one of you! Tread lightly and be careful if you are watching this go down, but this is looking like a repeat of 2021. Roaring Kitty is back, and I’ve seen a lot of content from other major creators making statements about this, with the most out of line being Andrew Tate. This sounds like some made-up AI story at this point, but this is the reality we live in, so let’s watch this happen and have some fun in the process!
Do not forget that we have PPI data coming out during the pre-market session, but market conditions are extremely strong, and let’s have an AMAZING day in the process. This is going to be an amazing time watching the markets move in this fashion, so let’s make the most out of these conditions and PRINT in the process!
Good luck trading, and welcome to Meme Season.
The updated $SPY daily levels are as follows:
Conversion Line Support: $505.11
Baseline Support: $509.12
Psychological Support: $500
Daily Cloud Support: $515.84
$SPY Daily Candles - [05/13/2024]
Thoughts & Comments from Yesterday, 05/13/2024
Yesterday was an interesting and unexpected day for the markets. Roaring Kitty came back from the dead and caused $GME to run 75% and $AMC to run the same amount. It was genuinely an insane day for the markets that no one was realistically expecting, but as a result, it was genuinely one of the most insane days to trade, with opportunities to ride the momentum or get caught in its wake.
We started the day with $SPY opening at $522.54 and watched as it continually dropped throughout the day. That was not the fun part of the markets, and no one honestly cared about the movement of the overall markets, as everyone was busy watching as the memes continued to run the entire day. While the markets were selling off, we watched as $GME rallied to make the official high of the day trading at $38.20, before coming back down, and consistently hovering $30 for the large majority of the day. $AMC was the sleeper that people were watching, but it was not getting as much attention as $GME was.
$AMC had a significant movement up that was slow but became extremely exponential, consistently pushing throughout the day. $AMC opened trading at $3.52 and pushed to make the official high of the day at $5.88 before coming back down into close. However, despite this, we are up another 37% during the pre-market session at the time of writing this report.
Conditions were not optimal for $SPY, but the memes continued to rally extremely hard, bringing retail traders back into the markets.
$SPY was relatively gross, neutral, and uneventful throughout the day after making the official low of the day, trading at $519.74. Thankfully, we were able to retain $SPY $520 as a support level and watched as $SPY ended the day bouncing slightly to close at $520.91, up $0.07 from the previous close on Friday, up roughly 0.01%, with an intraday bearish movement of roughly $1.50.
It was a disgusting day for the overall markets, but again, Meme season is back. $ SPY underperformed, but $AMC and $GME were both up roughly 75%. It's funny how one person posting memes could impact the markets so heavily, as he added roughly $5B to both market caps yesterday. They were up significantly again during the pre-market session. Let’s see what happens here and try to make the most of it!
Heatmap - $SPY 05/13/2024
Thoughts & Comments for Today, 05/14/2024
Today is going to be another absolutely wild day for the markets. If it is not clear to you yet, meme season is BACK, and everyone should be watching these opportunities like a HAWK. I would personally not advise anyone to attempt to play these stocks, as they are going to be extremely volatile and act extremely irrationally. Traders who are able to catch the momentum will be heavily rewarded, but anyone who is caught holding the bag for a little bit too long is ultimately going to get burnt.
Again, if you are attempting to allocate now into memes, I believe that you are not necessarily too late, but it is not a safe play to get into. Please take this at your own risk, knowing that realistically, this can fall at any time, but it is just a matter of not if, but when. Memes can very easily continue to push for what could be an indefinite amount of time, so I would not advise attempting to short these as they are heavily overpriced, but I would still, again, not advise you to attempt to allocate long into the position. We can very easily see some solid bullish momentum, but it is just a matter of allocating and practicing safe risk management. Be smart, and be safe if you are attempting to catch this movement, but ultimately, the safest way to watch this is by simply not allocating and watching from the sidelines. Conditions obviously could be significantly better, but at the same time, they can be significantly worse. Be smart, be safe, and protect your bottom line.
If you are attempting to trade, there is going to be volatility in the memes, but I would advise you to look for more sustainable organizations that ultimately, regardless of whatever happens with the meme stocks, that they trend with consistency. I know consistency is not sexy, but it is reliable and something that, ultimately, is something that we can realistically do day in and day out. Anyone who is looking to increase risk, yes you can look at the meme stocks for an opportunity, but that is more risky and unreliable than an old Ford Pinto.
I know I’ve repeatedly said this, but because it is on everyone’s mind, please be careful and cautious with the memes. Opportunities are among us, but striking at the wrong time will result in traders getting burned a time and a half. Be smart, be safe, and attempt to capitalize on this in the best way possible.
For my allocations today, I will say that I am intrigued by the meme stocks and have had both a little bit of luck, and a little bit of an unlucky time with them before in the past. I am interested to see the possibilities of what could happen here, mostly as we are primed to see another breakout, but with the way the markets are moving and the inconsistencies that we are seeing, I am genuinely unsure about the allocation style I want to produce today. We will see what happens when I am given an opportunity to do so, but I do want to go into today with the anticipation that I will allocate to the markets when given a chance. This will adjust throughout the day given PPI data is coming out during the pre-market session, but just know that I will most likely be watching and shouting out meme stocks for the majority of today!
If I see any opportunities, or if I decide to get into any other plays, I’ll announce what I see in the HaiKhuu Discord.
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, $GME, $AMC, $BB, $TSLA, $RIVN, $ULTA, $LULU
LONG OPPORTUNITIES:
Long-Term Dividend - $GAIN / $JEPI
Long-Term Investment - $BA
Confirmed Re-entry - $RIVN, $ULTA, $LULU
Economic News for 05/14/2024
NFIB Small Business Optimism - 6:00 AM
Producer Price Index (PPI) - 8:30 AM
Redbook - 8:55 AM
Notable Earnings for 05/14/2024
Pre-Market Earnings:
Alibaba Group (BABA)
Home Depot (HD)
Sea Limited (SE)
Sony Group (SONY)
HudBay (HBM)
Jack in the Box (JACK)
Bitcoin Depot (BTM)
On Holding AG (ONON)
International Game Technology (IGT)
Centerra Gold (CGAU)
After-Market Earnings:
Nu Holdings (HU)
Nextracker (NXT)
Ontrak (OTRK)
Bakkt Holdings (BKKT)
Prestige Consumer Healthcare (PHB)
DHT Holdings (DHT)
Arcutis Biotherapeutics (ARQT)
SeaDrill Limited (SDRL)
Canoo (GOEV)
Wrap up
This is going to be a beautiful day for the markets with opportunities being consistently presented to us. This is going to be a lot of fun as a result of the sentiment coming from meme stocks, so let’s capitalize on the opportunities that are presented to us and realize some gains in the process. Many traders are going to have an amazing time, so make sure to practice risk management!
Good luck trading, and let’s see what the memes have in store for us today!