HaiKhuu Daily Trading Report

Good morning, and happy Monday! I hope you traders all had a great weekend and are ready for what should be another fun week for the markets! Just remember that this is the final month of Q2, so we will have triple witching on June 21st and many other news events that will heavily impact the markets. Thankfully, we do not have many major news events this week, but be on the lookout for PMI coming out on Wednesday, Jobless claims on Thursday, and the unemployment rate on Friday!

UPDATE: ROARINGKITTY IS BACK AND HE IS UP OVER $250M, MEMES ARE BACK AND THIS IS GOING TO BE HECTIC.

Continue to tread lightly on these market conditions, but look to maximize the amount of opportunity that is presented to you. With $SPY trading above the daily conversion line support, there is a chance that the markets will reverse from here and start to display strength, but it all is just a matter of time until we have a definitive answer on which direction the markets are headed. But in my honest opinion, I believe that this is going to be an extremely strong summer for the markets, with all of the volume and momentum necessary leading into the election season.

Let’s take advantage of the strength in these conditions and realize significant gains in the process. This should be a great time with lots of opportunities, so realize some gains this week and have some fun!

Good luck trading, and let’s see what the markets have in store for us this week!

The updated $SPY daily levels are as follows:
Conversion Line Support: $525.72
Baseline Support: $515.28
Psychological Support: $500
Daily Cloud Support: $507.04

Thoughts & Comments from Last Week

Last week was a confusing time for the overall markets, making trading difficult and inconsistent. There was a significant amount of bearish momentum and inconsistencies in the market, which generated a significant amount of losses but provided us with opportunities to trade in either direction. Many traders were wiped out in the process, while others were able to realize a significant amount of gains. I hope you all had a lot of fun and realized some nice gains trading last week.

We started the week with the markets being closed on Monday, so it was an extremely quick week. $SPY started the week on Tuesday, trading at $530.27. Conditions were not extremely ideal, and we watched as $SPY continually trended down throughout the entire week. There was consistent bearish momentum that, when traders attempted to catch a dip, they were met with a terrible surprise.

$SPY remained bearish over the next three trading days, eventually breaking below $520 on Friday, making the official low of the week trading at $518.36. Conditions were still not ideal, meaning that $SPY dropped over 2% in a four-day trading period, but thankfully, during the back half of Friday, $SPY was able to break out and show a significant amount of confidence as a result.

During the back half of Friday, $SPY went from trading at the official low of the week to quickly recovering and rallying for the final three hours of the trading week. $SPY went black for the day, recovering $4 from the bottom in roughly a two-and-a-half hour period, and for the final twenty minutes of the trading week, $SPY absolutely broke out into market close. We went on to make the official high of the day on Friday into the close, with $SPY ending the day trading at $527.37, up $4.70 for the day on Friday, and up $9 from the bottom.

It was difficult to navigate throughout the entire week, but thankfully, on Friday, markets recovered a large portion of the capital necessary to realize gains. Again, I hope you all came out of yesterday relatively unscathed and are prepared for what should be another exciting week for the markets!

Thoughts & Comments for Today, 06/03/2024

Today should be a lot of fun for the markets. With the current sentiment and movement over the previous couple of days, there is significantly more confidence after the movement up on Friday. We are not out of the woods yet, but we are displaying confidence in these current conditions. Roaring Kitty is back, and that has changed all of my personal sentiments with the update that I’ve seen. $GME has ripped almost 100% as a result, and meme season is among us. This is amazing news. I am expecting to see retail continue to come back to the stock market as a result of this movement, and am extremely excited to see how irrational the markets become. With retail coming back into the markets, there is going to be an increase in volatility, volume and inconsistencies in the markets, but these conditions are what make trading extremely fun in the process.

Tread lightly on these market conditions, but I believe that if retail continues to come back into the markets over the next couple of trading days, we are going to see continued new all-time highs throughout the entire summer, and conditions are going to be extremely favorable. Make sure to practice risk management and protect your bottom line, but I believe that with Roaring Kitty back, we are in for what is going to be an insane time.

I will say that I don’t advise attempting to trade $GME, $AMC, or any other random meme pump stock, but if you do, please protect your bottom line and practice risk management. Many traders are going to regret that they didn’t buy more after a stock goes up, which is a good problem to have. The one thing I do want to warn you about, though, is the trades where you wish you simply didn’t get in at all. I am not saying that $GME/$AMC are not going to move today, but all I know is if you give it enough time, traders are going to get wiped as a result of FOMOing in on this movement with time as $GME comes back down.

For my allocations today, I do not plan on actively trading as much. I am more interested in watching from the sidelines what $GME and $AMC do today. I am genuinely conflicted about which direction they are headed, but all I know is I do not want to participate. I plan on watching from the sidelines and doing what I can to maximize my gains where possible.

Please, again I have to bring this up. Tread lightly and practice safe risk management when attempting to trade any of the memes if you are attempting to play any of the memes 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, $NVDA, $AMD, $INTC, $MSFT, $AAPL, $TSLA, $LULU, $ULTA

LONG OPPORTUNITIES:

Long-Term Dividend - $GAIN / $JEPI
Long-Term Investment - $BA
Confirmed Re-entry - $RIVN, $ULTA, $LULU

Economic News for 06/03/2024

S&P Manufacturing PMI - 9:45 AM
ISM Manufacturing PMI - 10:00 AM
3&6 Month Bill Auction - 11:30 AM

Notable Earnings for 06/03/2024

Pre-Market Earnings:

Science Applications International (SAIC)

After-Market Earnings:

GitLab (GTLB)
HealthEquity (HQY)
BARK (BARK)

Wrap up

With Roaring Kitty bringing eyes to the markets, my sentiment has changed throughout writing his report. I am extremely excited about these market conditions, and I hope that you all are too. This will be an extremely fun time for the markets with opportunities consistently being presented to us. Let’s have an amazing time in the process, realize some gains, and watch where the markets go from here. This is going to be an amazing time, so let’s take advantage of these conditions and vibe in the process.

Good luck trading, and let’s see what happens this week!

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HaiKhuu Daily Report 06/03/2024