HaiKhuu Daily Report - 08/06/2024
Good morning, and happy Tuesday!
Wow, these market conditions are wild, but markets are looking strong after what was a ruthless day of selling. I hope that you all survived and are ready for what should be another extremely fun day for the markets. $SPY is up nicely during the pre-market session, and traders are out with a VENGEANCE after the movement we saw yesterday. Japan’s markets have recovered beautifully after the worst that they’ve seen since black Monday, and as a result, it seems that fear has subsided for a brief moment. It is too soon to be optimistic, but it seems that the tublance is over…. for now.
Continue to tread lightly and practice safe risk management in these market conditions, but look to take advantage of the bounce because there is a great opportunity for the markets to rally back into the daily cloud today.
Good luck trading, and let’s see where the markets take us!
The updated $SPY daily levels are as follows:
Conversion Line Resistance: $532.57
Baseline Resistance: $537.71
Psychological Support: $520
Daily Cloud Resistance: $521.99
$SPY Daily Candles - [08/05/2024]
Thoughts & Comments from Yesterday - 08/05/2024
Yesterday was one of the most disgusting intraday movements we’ve seen in the markets in an extremely long time. There were circuit breakers towards the downside in Japan, resulting in VIX hitting 66. This was one of the craziest days we’ve seen in the markets in a long time, with the large majority of the markets bloody red, but it seems that despite the rougher conditions, life moves forward, and so do the markets.
We started the day with $SPY gapping down heavily, opening at $511.77, down over $20 from the previous close on Friday. Conditions were extremely weak as $SPY quickly made the official low of the day, trading at $510.27 before starting to display strength afterward. $SPY quickly rallied up from the open price, continually recovering throughout the day and pushing up in a fashion that realistically would have gotten traders extremely hyped and excited, but due to the bearish movement in the markets, we were just watching as the markets recovered in our favor.
$SPY continued to push throughout the early morning and the lunchtime lull to officially make the high of the day trading at $523.57, meaning that $SPY rallied approximately $12 from the bottom, and conditions were prospectively strong during that time.
After making the official high of the day, $SPY did start to display some minor weaknesses as we continued to sell off throughout the rest of the day.
We watched as $SPY officially closed the day trading at $517.38, down $15.52 for the day, or down approximately 3%, with an intraday recovery of roughly $6.
Overall, it was a disgusting day for the overall markets that provided us with opportunities to trade and realize a significant amount of gains, but at the same time, it displayed difficulties for us as many traders, unfortunately, got wiped out in the process. Hopefully, you were able to realize a significant amount of gains during that time. I know that some traders were able to realize some insane returns, including some traders recovering over $40,000 on an intraday basis, one individual generating almost $10,000 in gains at open, and another individual getting a 3,000% return on some puts.
Regardless of how yesterday went, life moves on, and opportunities will be presented to us time and time again. Let’s see where today goes and make the most of it!
S&P 500 Heat Map - 08/05/2024
Thoughts & Comments for Today - 08/06/2024
Today should be a significantly better day for the markets. With the way the markets have moved up during the pre-market session and with volatility decreasing, traders are becoming increasingly comfortable as a result of these results. The fear and greed index states that we are in extreme fear, but if I am just being honest with you, I do not believe we should be in extreme fear at the moment. Yes, the markets have come down heavily from the top, but back when $SPY was testing $400 back in October of 2023 versus where we are now in 2024, life is significantly different, and so are the markets. If you said last year, after $SPY continued to make new lows of the year that in less than a year, we would be trading +$100 on $SPY, everyone would get a second mortgage on their house, and allocate long into the markets in anticipation of this move. But just because we’ve dropped roughly 8-10% from the top in a short period of time, everyone is freaking out. I said this yesterday in the exclusive room, but this drop honestly does not concern me if you place the markets against last year. The markets have given us a sundae but have taken the cherry back; we still have the ice cream, the whipped cream, and the hot fudge. Yes it would be nice to also have the cherry on top, but not much is lost at the moment, mostly if you’ve been up beautifully throughout the past year. The previous day has been tough, but what has happened has happened, and life ultimately moves on.
I will say that you should 100% look into taking advantage of the market conditions right now, but just because you are taking advantage of these conditions does not mean you should not make smart decisions and allocate accordingly. Practicing safe risk management is the key to your longevity and success in the current market. Traders can easily realize gains in the markets today, but in the same way that gains can be generated with ease, losses can also be generated with ease, but losses, when generated will be significantly larger than any gains generated. So, look to take advantage of these market conditions and do what you can to maximize your potential while continuing to minimize the general risks that you are taking. Traders will realize a significant amount of gains today, but the question is, are you going to realize gains with them? Or will you be the one who gives them their gains?
With the strength in the markets at the moment, just look to follow the general market momentum. Conditions could obviously be significantly better, but at the same time, they could easily get worse. If you are attempting to trade right now, the easiest way for you to be able to realize gains, is by simply following the general market momentum. Do not fight the trend, and follow the smart money. Many traders will be able to capitalize on the strength in the markets, so watch for a breakout opportunity, mostly as Japan displayed significant strength, which may impact the US markets 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, $ARM, $HOOD, $TSLA, $RIVN, $NVDA, $AMD, $INTC
LONG OPPORTUNITIES:
Long-Term Dividend - $GAIN / $JEPI
Long-Term Investment - $INTC
Economic News for 08/06/2024 (ET):
June Exports & Imports - 8:30 AM
US Trade Balance - 8:30 AM
Notable Earnings for 08/06/2024
Pre-Market Earnings:
Uber Technologies (UBER)
Celsius Holdings (CELH)
fuboTV (FUBO)
Vulcan Materials Company (VMC)
Baxter International (BAX)
Caterpillar Inc (CAT)
Allegheny Technologies (ATI)
Constellation Energy (CEG)
Organon (OGN)
Marathon Petroleum (MPC)
After-Market Earnings:
Supermicro (SMCI)
Rivian Automotive (RIVN)
Devon Energy (DVN)
Airbnb (ABNB)
Reddit (RDDT)
Amgen (AMGN)
Lumen Technologies (LUMN)
Fortinet (FTNT)
VF Corp (VFC)
Coupang (CPNG)
Wrap up
Hopefully, the markets will only continue to move up over the next couple of days in the markets, but there are genuinely no promises on what the markets are ultimately going to do. Maximize your profit potential, and do what you can to take advantage of these conditions. This should be a lot of fun with opportunities amongst us, so let's realize some gains and have a great time in the process!
Good luck trading, and let’s see some circuit breakers towards the upside!