HaiKhuu Daily Report - 09/13/2024
Good morning, and HAPPY FRIDAY THE 13TH. THIS IS GONNA BE A SPOOKY TIME, SO GET READY TO HAVE SOME FUN. Market conditions have been extremely strong over the previous couple of days, and as a result of that, we are within range of making a NEW all-time high. Continue to tread lightly during this time, but please continue to take advantage of the strength in these market conditions! The previous couple of days have been extremely favorable to some and extremely difficult for others. Continue to do what you can to maximize your profit potential, but as always, please make sure to practice safe risk management. I know I personally did not practice safe risk management yesterday, and oh boy, did I pay the price!
Learn from others' mistakes and make smart decisions, and you’ll be in a great spot. We have some economic news during the pre-market session, so be on the lookout for that! Let’s do everything in our power to remain consistent today and realize as many gains as possible.
Good luck trading today; let’s end this week strong and maybe, with a new all-time high.
The updated $SPY daily levels are as follows:
Conversion Line Support: $551.82
Baseline Support: $541.13
Psychological Support/Resistance: $560
Daily Cloud Support: $535.14
Thoughts & Comments from Yesterday, 09/12/2024
Yesterday was a beautiful day for the overall markets. There was a significant amount of strength as $SPY got back in the range of contemplating a NEW all-time high. It was an extremely difficult day to capitalize on with both comfort and confidence, but regardless, as I said before, it was an extremely favorable day for some and a rough day for others. Regardless, that is both life and the markets. Congratulations to everyone who realized gains yesterday!
So, we started thew day with $SPY opening at $554.95, up slightly from the previous close, but nothing of any major significance. We watched as $SPY quickly decided to sell off, going on to make the official low of the day trading at $552.76, looking relatively weak at the time, but it was an amazing opportunity to load up relatively cheap as the markets went on and bounced to make a relative high at $556 right before going black during the lunchtime lull, and entering when the markets were black, was the best opportunity to trade throughout the entire day.
During eastern lunch, the markets quickly rallied, going from black on the day to being up $4, almost $5, at the official high of the day. This made many perma bulls extremely happy and profitable. We went on to make the official high of the day, trading at $559.38, up beautifully for the day, and we watched as the markets continued to remain relatively stable around that price level until close.
We ended the day with $SPY trading at $559.09, up $4.67 for the day, or up approximately 0.85%. Overall. It was another beautiful day for the markets, but it was extremely difficult to navigate on an intraday basis with confidence. Many traders unfortunately got burnt overtrading yesterday, myself being one of those traders, but it’s life. I have no shame in the fact that I was incorrect about my personal style yesterday, and I hope you all can learn from my mistakes!
S&P 500 Heat Map - 09/12/2024
Thoughts & Comments for Today - 09/13/2024
Today is going to be a day that confuses a significant amount of traders. With the way that the markets go right now, we are seeing the hyper bulls say that we are going to make a new all-time high and continue to rally after that, and we see the hyper bears wanting to see the markets come back down and break every level of daily support below. In reality, I don’t think that either side is irrational in wanting to plead their case, but it is, situationally, one of those times where anything can realistically happen, and as a result, it is something we should consider when attempting to actively trade. It is a lot easier to follow the momentum and be bullish during strong market conditions, but at the same time, there is a lot that needs to go on for the markets to seriously come down. I think that
Again, we are within striking range of making that new all-time high, but just because we are within a striking range does not mean it is going to work out in that regard. Anything can happen, and you just have to remain diligent with the fact that that is the case. Would it surprise me if we made a new all-time high today? Not at all, but I would not bet on that happening.
Just continue to remain optimistic in these market conditions and simply ride the market momentum. Traders are going to have a lot of fun while attempting to trade today, and I think that many of us are going to be able to realize a significant amount of gains as a result of this.
One thing I do want to take a little bit of time to talk about is sizing positions, scaling in properly, and practicing safe risk management. When it comes to trading, sizing, and timing are two key components when it comes to actively trading, and when you are scaling in slowly with equities, it is significantly harder to realize any sort of large losses or gains, but thankfully, you do not have to realize any sort of significant losses or gains. Options are highly leveraged financial products that are extremely volatile and give you the perception that what you are doing is extremely wrong or extremely right in a short period of time. It is fun gambling on the markets at times, but just remember that all it takes is being wrong once and getting emotional over the loss that would result in you realizing a life-changing amount of losses. Thankfully, I did not lose anything of significance yesterday, but I can recognize that I made a mistake with my sizing and got overly confident with my positions; as a result, I sized up my positions, and when I was wrong, as a result of that sizing up, I incurred losses as a result. So please tread extremely lightly and protect yourself. Everyone is susceptible to making bad decisions, but as long as you are able to learn from others’ mistakes, then you will be in a great spot.
If I am just being honest today, as a result of my trades yesterday, I am not feeling as excited to trade today, and I need to take a breather on my portfolio. I’ll still do what I can to alert some positions throughout the day, but I only intend on trading equities for a slower DT and selling some cash-secured puts. I am not looking to generate any sort of significant realized gain during this time, but I am just looking for an easier, more relaxing day. This can obviously change extremely quickly, but we will see what happens in real-time together!
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, $INTC, $META, $NVDA, $TSLA, $AIFF, $AMZN
LONG OPPORTUNITIES:
Long-Term Dividend - $GAIN / $JEPI
Long-Term Investment - $INTC
Economic News for 09/13/2024 (ET):
Import Price Index - 8:30 AM
Consumer Sentiment - 10:00 AM
Notable Earnings for 09/13/2024
Pre-Market Earnings:
No Earnings Scheduled
Wrap up
Hopefully, market conditions are not too spooky today, and provide us with an opportunity to trade and realize a significant amount of gains in a short period of time. I think that many traders are going to do well today; just please make sure to practice safe risk management and do what you can to minimize your risk. We, again, are within striking distance of making a new all-time high, and I would absolutely LOVE it if we did that today. Don’t count your chickens before the hatch, and don’t bet that we will make a new all-time high today, but be pleasantly surprised going into the weekend with the opportunities that are available to us!
Good luck trading, and let’s end this week with a NEW all-time high on $SPY!!!!