HaiKhuu Daily Report - 08/28/2024
Good morning, and happy $NVDA day! $NVDA earnings after after-hours today, and this will be the major catalyst for any market movement today. I hope you have your eyes peeled because this is going to be a turbulent ride. We might see $SPY go on and reach a new all-time high as a result of this, we might see $SPY sell off because of this. Who knows what is about to happen because I surely don’t.
This is going to be an extremely fun day, and I hope that you are all prepared for what the markets have in store for us! Please continue to tread lightly and practice safe risk management, mostly if you are allocating specifically into $NVDA.
Let’s do what we can to maximize our profit potential today by actively scalping and trading the volatility and momentum leading into the final major earnings for this earnings season. I think we all are going to have a great time, so make the most out of today!
Good luck trading, and good luck to anyone in $NVDA!
The updated $SPY daily levels are as follows:
Conversion Line Support: $556.40
Baseline Support: $537.09
Psychological Support: $560
Daily Cloud Support: $5
Thoughts & Comments from Yesterday, 08/27/2024
Yesterday was a confusing and gross day for the markets. Thankfully, markets were up, but momentum and opportunities to trade were available but difficult to capitalize on with confidence. I would say that the average trader yesterday should have realized gains with “ease” but was not able to realize anything of any major significance.
We started the day with $SPY opening at $559.43, down slightly from the previous close, and was met with some instant bearish momentum from open. $SPY quickly dumped and went on to make the official low of the day, trading at $558.32, down slightly from open, but again, nothing of any major significance. The beautiful part is after making the official low of the day, we bounced beautifully from the bottom, and went on to rally leading into the lunchtime session, making a relative high at $562, and was honestly not looking the worst.
Markets did sell off leading into lunch, where $SPY was able to bounce off $560, and move up to continue to test $562, but had no luck breaking through, so we continued to test that $562 range, consistently rejecting it and slowly selling off leading into close. We officially ended the day with $SPY trading at $561.56, up $0.77 for the day, or up 0.14%. There was a beautiful $2 intraday movement, but overall, for the day, it was relatively gross.
Hopefully, market conditions were favorable for you, and you were able to actively trade and realize gains in the process. Market conditions could have been significantly better, but regardless, life moves on, and so do the markets. Yesterday, in perspective, is a wash compared to the movement and volatility that we are going to see today in the markets and after hours with $NVDA earnings!
S&P 500 Heat Map - 08/27/2024
Thoughts & Comments for Today - 08/28/2024
Today is gonna be fun. I feel like today might be the equivalent of our Super Bowl, but we’ve already said that for many other days like…. the Super Bowl, the Roaring Kitty coming back, and every time that $NVDA has earnings, but regardless. Market conditions are going to be extremely volatile today as a result of #$NVDA earnings. Please tread lightly, mostly if you are allocating into $NVDA today or are holding $NVDA throughout the previous couple of days/weeks. If you’ve been holding $NVDSA for a while, then sit back and relax, but for those who are looking to allocate now, please tread extremely lightly.
As I said before, either $NVDA is going to absolutely go on a tear due to positive and strong earnings, resulting in the organization rallying to a new all-time high, or we will watch as $NVDA sells off and causes the markets to sell off with it. Regardless of what happens, remain fluid and capitalize on the opportunities that are presented to us.
I think that realistically, going into earnings, we need to see $NVDA have absolutely insane earnings to be able to move up. I do not doubt $NVDA, but I do doubt that they will be able to meet the expectations that are necessary for them to be able to move up with comfort and confidence. I am not bearish $NVDA, and I will never bet against the organization, but it is one of those plays that realistically, it would not surprise me on which direction we are headed, but I just do not believe that $NVDA can beat our expectations. They will have phenomenal numbers and EPS, but are they going to be strong enough for us to be able to watch as $NVDA rallies 10% to make a NEW all-time high in the process?
The one thing that I could see that could cause that to happen is if market conditions are strong, $NVDA has good earnings and solid forward guidance but is not able to break above the previous resistance levels that have been stated, BUT $NVDA announces they are doing another share buyback, and as a result, really beautifully. That is a grasping-for-straws type of play if you are allocating specifically for that to happen, but I do believe that in the case that a buyback does occur, the selling will be minimized, and there’s a chance we do make a new all-time high as a result.
I personally am not allocated into $NVDA at the moment, so I genuinely have zero concern about where it goes independently as an organization, but I am concerned about how this is going to impact the current market conditions and momentum, so we will see what happens here and make the most while navigating these strong market conditions.
For my allocation, I will say that I still do own my September $FIVE $85 calls. That position unfortunately came down yesterday, and I lost about half of the gains I’ve generated. I’ll look for an opportunity to actively trade and realize gains today, assuming I am able to get out. But worst case scenario, I will hold it through earnings. Ideally, I am able to get out today in sizable profit, but who knows exactly what is going on, regardless? I do plan on getting out today before earnings. Whether that happens or not is another story.
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, $FIVE, $INTC, $AMD, $MSFT, $TSLA, $RIVN, $AAPL
LONG OPPORTUNITIES:
Long-Term Dividend - $GAIN / $JEPI
Long-Term Investment - $INTC / $FIVE
Economic News for 08/28/2024 (ET):
Fed Bostic Speaks - 6:00 PM
Notable Earnings for 08/28/2024
Pre-Market Earnings:
Abercrombie & Fitch (ANF)
Chewy (CHWY)
Li Auto (LI)
Kohl's Corporation (KSS)
Bath & Body Works (BBWI)
Foot Locker (FL)
Donaldson Company (DCI)
Royal Bank of Canada (RY)
J.M. Sucker (SJM)
After-Market Earnings:
NVIDIA (NVDA)
CrowdStrike (CRWD)
Salesforce (CRM)
Affirm Holdings (AFRM)
Five Below (FIVE)
HP (HPQ)
Victoria's Secret & Co (VSCO)
Greif (GEF)
Wrap up
Hopefully, market conditions only continue to get stronger throughout the day as people load up on $NVDA. Do not forget, $NVDA earnings afterhours today, and that is a major market catalyst movement event. We will either watch as $SPY reaches a NEW all-time high or sell off trying. There is no in-between, so I hope you are ready for the bandaid getting ripped off because that is going to be a lot of fun. Let’s realize some gains and have an amazing time!
Good luck trading, and let’s see what $SPY has in store for us!