HaiKhuu Daily Report - 08/09/2024

Good morning, and happy Friday!!!! I hope you all are feeling amazing after the BEST day we’ve seen in almost two years! Gains were generated, and many traders had a lot of fun in the process! This should be a quick day for the markets with opportunities consistently presented to us, so look to end the week strong with some realized gains!

Please continue to protect your bottom line. While there is always the chance that the markets will ultimately come down, look to take on some risk and exposure while market conditions are strong to maximize your gains!

This will be an extremely fun day for the markets, so make some good decisions and realize some gains in the process!

Good luck trading, and let’s see if $SPY can continue to break out!

The updated $SPY daily levels are as follows:
Conversion Line Resistance: $532.57
Baseline Resistance: $537.71
Psychological Support: $520
Daily Cloud Support: $522.07

Thoughts & Comments from Yesterday - 08/08/2024

Yesterday was a rough day for the markets. That is all.

I'm just kidding. It was genuinely an amazing day and one of the best days that we’ve seen in the markets in a while. Conditions were phenomenal, and traders realized a significant amount of gains in an extremely short period of time. It was almost impossible to lose money while attempting to trade or allocate yesterday. It was a great day for the markets, and it shows!

We started the day with $SPY opening nicely above the previous close at $523.99. Conditions were rough at the open as $SPY continued to drop right from the open, making the official low of the day trading at $521.86. Conditions were not perfect at the bottom, but we should be thankful for the extremely quick reversal in the markets and the strong conditions afterward.

$SPY quickly rallied from the bottom, going on and continually making new highs of the day leading into the lunchtime lull, where $SPY remained relatively stagnant, around $527. Conditions were not great, but situationally, markets were extremely strong despite being neutral at that time.

During the back half of the afternoon, we watched as $SPY broke out again to break above the $530 resistance level and maintained that level all of the way until close.

We ended the day with $SPY trading at $530.65, up $12 for the day or up roughly 2.3%. Traders should have all had a genuinely amazing time in the process, as actively trading or holding positions should have generated a significant amount of gains in the process. Regardless of where the market conditions took us, the markets are looking good, and we are in a significantly better place than before. Life moves on, and so do the markets has proven right, once again!

S&P 500 Heat Map - 08/08/2024

Thoughts & Comments for Today - 08/09/2024

Today is setting up to be another fun day for the markets. There are not many news events or earnings that should impact the markets anymore at this point, so it is a scenario where, realistically, anything can happen. The movement today will be primarily driven by the strength and confidence that people have in the markets, and their sentiment. If market conditions continue to remain extremely strong, then look to watch for a breakout in the markets as we continue to push throughout the day, but in the case that the markets are weak and are showing signs of weakness, look to short and again, simply follow the market momentum. This is not the time for you to try to fight any trends, but as always, in the case that we see a sign of a reversal or something along those lines, then do what you can to capitalize on the rotation in the markets. Do not fight any trends, and if the trend reverses, adjust your position accordingly.

There are no reasons why we all shouldn’t have an amazing day while attempting to trade today, but this is one of those times that, realistically, anything can genuinely happen in the markets, and we have to do what we have to do to maximize our profit potential. As I said yesterday, if you are taking on extra risk and exposure, as long as it is done in the proper way and is EV+ for what you are looking to do, run it, as maximizing profits when market conditions are strong, is an amazing opportunity. Just make sure that you are practicing safe risk management and are not making bad positions. This is obviously easier said than done, but it is something that, realistically, we can navigate with ease.

As I have said before, making sure that you are practicing safe risk management is key to your success and longevity in the markets. What this means, is not more so not losing money in the markets. But taking on smart risk and exposure. Everyone has the chance to simply not lose money by not trading, but those who are smart and understand how to navigate risk and exposure in the markets are those who are able to be provided with longevity and consistent profits over the course of time. There is no reason to be going all in on your portfolio in a possible situation where you might wipe out your account. If you wanna have some fun, tie yourself to a rocket and pray that it doesn’t explode. If someone offered you that opportunity, you’d call them dumb, so why are you willingly purchasing highly OTM 0-DTE calls when the markets are not looking favorable and selling off…?

Just make some smart decisions in these market conditions and do what you can to maximize your profit potential. This should be a lot of fun, with many great opportunities to actively trade and realize a significant amount of gains today. Be smart, be safe, and just have a great time. Assuming market conditions continue to remain strong, there is no reason why we should not all have an amazing time actively trading. Let’s have some fun today and realize some gains!

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

LONG OPPORTUNITIES:

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

Economic News for 08/09/2024 (ET):

Baker Hughes Oil Rig Data - 1:00 PM

Notable Earnings for 08/09/2024

Pre-Market Earnings:

Canopy Growth Corporation (CGC)
Embraer (ERJ)
American Axle & Manufacturing (AXL)
Calumet Specialty (CLMT)
Evergy (EVRG)
Nikola (NKLA)

Wrap up

This should be a fun day for the markets. After seeing a significant amount of strength in the markets, the real question is, where do we go from here? Are we going to see a significant amount of bullish momentum, or are we going to see a minor pullback after the bullish movement we’ve seen over the previous couple of days? Regardless, make the most out of these market conditions, practice safe risk management, and have some fun in the process. I think that we should have a fund day, so take advantage and have a great time.

Good luck trading, and let’s end this week STRONG!

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