HaiKhuu Daily Trading Report

Good morning, and happy Tuesday! Markets are looking interesting after yesterday's bearish movement. Thankfully, the markets are up slightly during the pre-market session, and conditions are looking stronger than they did last night.

This is not the time to be overly ambitious, but to be realistic when attempting to allocate into the markets. Conditions are still strong, but there are many cracks in the foundation that we need to address. Please tread lightly, as $NVDA is the major market-moving catalyst right now, and conditions are looking extremely weak for the organization. There is a chance that we do see a breakout in the markets; if that happens, I would be more comfortable and confident allocating into the markets, but we are seeing a possibility of a sell-off here in the short term, so please tread lightly, and watch $NVDA to see ultimately which direction we are heading and capitalizing on those opportunities accordingly.

Good luck trading, and let’s see where $NVDA takes us today!

The updated $SPY daily levels are as follows:
Conversion Line Support: $541.09
Baseline Support: $534.24
Psychological Support: $540
Daily Cloud Support: $515.65

Thoughts & Comments from Yesterday, 06/24/2024

Yesterday was a disgusting day for the markets, with $NVDA and semiconductors slipping heavily. Crypto fell, too, which was not a great sign, but opportunities were amongst us, as we were able to find a couple of phenomenal alerts. Markets were difficult to navigate due to rougher conditions, but despite this, opportunities were amongst us, and traders were presented with an insane roller coaster.

We started the day with $SPY opening at $544.42, conditions were not perfect, but opening slightly red was no major concern. We watched as $SPY quickly dipped early in the morning before absolutely going on a tear, pushing up to make the official high of the day, trading at $546.93 before the first hour of the trading day was over. Markets were slightly green, and traders were optimistic, but despite this, we watched as the top set in, and the markets started to rotate quickly.

Within the first hour of the trading day, $SPY rallied, peaked, and reversed, starting to come down throughout the rest of the trading day. We did see a quick dive in the markets around 11 am EST before recovering quickly to remain neutral at around $546. Conditions were not ideal during the lunchtime lull as conditions remained choppy, but we did watch as $SPY continually sold off in the process as volume came back into the markets, continually dropping and making new lows of the day leading into close.

Power hour was relatively uneventful, as we started the hour relatively black for the day, but conditions quickly got worse and worse leading into close as $SPY started to nose dive within the final 15 minutes of the trading day, going on to make new lows during that time.

In the final candle of the trading day, $SPY made the official low of the day, trading at $542.65. The day ended with $SPY trading at $542.74, down $1.77 for the day or down 0.33%.

It was a rough day for the markets with a significant amount of bearish momentum, but the thing that is interesting is that the drop was led by $NVDA dropping 7% in the process.

As I have said before and warned traders, semiconductors are going to be the reason the markets slip, there is no reason why traders should be overly ambitious on the sector, and should tread lightly. Hopefully, none of you got burnt, but man, if this is just the beginning, it will be interesting to see how far $NVDA ultimately falls…

Thoughts & Comments for Today, 06/25/2024

Today is going to be an extremely tough time to gauge in the markets. Conditions are still strong, but $NVDA is showing weakness. If we look at the performance of the markets yesterday, most organizations were green, with roughly 1,000 more companies being green yesterday than red, but $NVDA led the charge and resulted in the entire market being down. Obviously, this is due to the fact that $NVDA is worth significantly more than most of those organizations, but at the same time, it is not a good sign that these mega-caps are the ones dictating market performance. Most of the value in the markets, at this point, is concentrated within the largest organizations in the markets, which is extremely concerning, as once those few organizations start to see some bearish momentum, they can easily reflect against the overall markets.

I am not saying to be overly bearish on these major organizations or bullish on a smaller company, but it is just interesting to see how the cookie crumbles. To put this in perspective, yesterday, NVDA’s market cap dropped by over $200B. If you say that, everyone assumes they are going out of business, but it was only a 6.5% drop. That drop by itself would make it roughly the 50th largest organization in the world.

Please just continue to tread lightly on these market conditions. I am not expecting to see that the markets are going to be in a hyper bearish state, but I am not expecting hyper bull either. Everything, in my opinion, comes down to $NVDA and how they are impacting not only the world but the markets. I’ve said this multiple times before, and I will say it again. Crypto and Semiconductors are the reason why I believe the markets will come down in the future, but it is just a matter of remaining solvent while markets are dropping and being able to allocate, once we’ve hit the bottom, to purchase equities at an amazing price.

I do want to say that this, again, is not me being bearish on the markets. Market conditions are still extremely strong, but it is just a matter of attempting to capitalize on these market conditions and remaining realistic. I do not want to be overly optimistic when conditions are great, nor overly pessimistic when things start to get bad. Just remember that markets are strong, but despite the strength, we have many negative factors impacting the markets right now.

My plans for today are to actively watch $NVDA for you all. Despite thinking that $NVDA is heavily overvalued, I do believe that as a result of the bearish movement in the markets yesterday, there is a high probability that we will see a sizable bounce in the organization. I do not believe that 100% of all losses generated will be recovered, but I believe that there is going to be an opportunity to go long and to capitalize on it wherever possible. I’ll try to find more positions for you all, and I hope you were able to catch the sick play we had on $MSFT yesterday!

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.

Highlighted Trade

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, $NVDA, $TSLA, $MSFT, $AAPL, $AMD, $INTC, $XOM

LONG OPPORTUNITIES:

Long-Term Dividend - $GAIN / $JEPI
Long-Term Investment - $BA

Economic News for 06/25/2024 (ET)

Fed’s Bowman Speaks - 7: 00 AM
S&P House Price Index - 9:00 AM
Consumer Confidence - 10:00 AM
Fed’s Cook Speaks - 12:00 PM
Fed’s Bowman Speaks - 2:10 PM

Notable Earnings for 06/25/2024

Pre-Market Earnings:

Carnival (CCL)
TD SYNNEX (CNX)
Airship AI (AISP)

After-Market Earnings:

FedEx (FED)
Progress Software (PRGS)

Wrap up

This is going to be an extremely interesting day for the markets. Let’s see what happens with $NVDA acting irrationally right now. Please be careful and tread lightly when it comes to allocating into the markets today, but look to capitalize on the opportunities that are presented to us. There is a high likelihood that the markets will bounce and break out today, so let’s have some fun and do what we can to maximize our potential to realize some gains. This is going to be a lot of fun, so be smart, be safe, and let’s realize some gains!

Good luck trading, and let’s see how confusing market conditions will be today!

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HaiKhuu Daily Report 06/25/2024