HaiKhuu Daily Report - 09/16/2024
Good morning, and happy Monday! The weekend flew by, but I hope you all had a great time and are ready for what is going to be another volatile week for the markets. We are within striking range of a NEW all-time high! With discussions of a rate cut happening, there is a chance that we make the new all-time high this week, so tread lightly and prepare accordingly, as this will be a great time.
This week, there will be many opportunities to actively trade and realize significant gains, so please take advantage of these conditions and practice safe risk management!
Do not forget that this will be a huge week for economic news, but these are the major events to look out for!
Monday - NY Fed Manufacturing
Tuesday - Retail Sales
Wednesday - FOMC’s Interest Rate Decision 2 pm EST / JP Speaks 2:30
Thursday - Jobless Claims
If you’d like to see the entire weekly preview, click HERE!
Good luck trading this week, and let’s see this NEW all-time high on $SPY!
The updated $SPY daily levels are as follows:
Conversion Line Support: $551.24
Baseline Support: $543.02
Psychological Support: $560
Daily Cloud Support: $535.14
Thoughts & Comments from Last Week
Last week was a wild time for the overall markets. There was a significant amount of confusion and opportunities to trade! We reached a new all-time high and presented people with many phenomenal opportunities to trade and realize significant gains! Hopefully, you all were able to take advantage of last week and had a great time in the process!
We started the week relatively docile, with $SPY opening at $544.67 on Monday. Conditions weren’t the best, but we watched as there were choppier market conditions while the markets didn’t make any sort of significant movement, moving up to $548 on Tuesday, but this is where the fun all started.
Wednesday, during the pre-market session, we watched as the markets tanked on economic news, only to beautifully recover to tank again on an intraday basis. We watched as $SPY dropped from $548 all the way down to $540, and thankfully, we were able to alert an entry position at the literal bottom, providing traders with an amazing entry. We watched as, throughout the rest of Wednesday, $SPY rallied from the low of the week to closing Wednesday trading at $555.
Thursday and Friday were beautiful days for the overall markets, but the movement they provided was nothing of any major significance outside the fact that they will be utilized in the slow but continually steady climb to a NEW all-time high.
We ended last week with $SPY trading at $562, up a little more than $17, or up roughly 3.2%. It was a difficult week for the overall markets, as the beginning of the week was filled with chop, Wednesday was just confusing, and the back half of the week was simply filled with FOMO. Regardless, life moves on, and so do the markets. I hope that again, you all were able to realize a significant amount of gains last week, and congratulations again to anyone who caught that $SPY $540 reversal alert!
S&P 500 Heat Map - Last Week
Thoughts & Comments for Today - 09/16/2024
Today should be another fun time for the markets. Traders are extremely optimistic and counting down the days until FOMC, so please be careful. As everyone is anticipating this event to happen, I am expecting to see a significant amount of volatility and irrational movements in the markets. Is this a bad thing? No, not at all; traders should have a lot of fun as a result of the volatility that is in the markets, but, at the same time, that volatility leads to inconsistencies, and inconsistencies result in losses being generated. So, regardless of what happens this week, please make sure to tread lightly and practice safe risk management. Many traders are going to, unfortunately, generate losses by actively over-trading or doing something irrational. But regardless, it’s just life. Mistakes happen, and people move forward, but situationally, it would just be ideal for no losses to be incurred.
A couple of things to look out for. Recently, higher beta, lower volume stocks with a significant amount of debt have been struggling to finance their operations, but with rates starting to get cheaper, this is not a bad time to look for those fundamentally solid organizations that have a significant amount of debt, that they can leverage a lower interest rate to refinance their previous debts, should be an interesting shout here in the near future, having those organizations become closer to profitability, if not, just directly profitable as a result of this. Again, this is not a blind recommendation to blindly purchase a random high beta, low float company with zero prospects of becoming profitable, but it could be a point of consideration when you are attempting to allocate into the markets in these conditions.
I think, though, if you simply just followed the general market momentum, assuming conditions continue to remain strong, we will be in a great place, as again, we are within striking distance of making a new all-time high and are absolutely loving the strength in the markets. Do not fight any trends, and make some smart decisions in the process. I would not advise attempting to leverage a directional play, but just simply follow the momentum and be smart.
For my allocations today, I will say that the biggest allocation I will start to open up is a play on $BA. Yes, this sounds super sketchy, mostly with everything going on, but the beautiful thing about this play? I don’t care. It will take a while for $BA to recover, and there will be better places to allocate money, but hear me out. I. Don’t. Care. This is going to be one of those plays that it will take ??? in terms of time to play out, but I am extremely confident right now in my ability to actively trade and realize gains on this move. I am not worried about this play, as I have longevity, but the question is, can I remain solvent longer than Boeing can remain irrational? That is a question that no one knows the answer to. But hey, just continue to buy and hold shares of $BA. If conditions get worse, buy more. If conditions get better. Enjoy your free profits. Regardless though, do not purchase options on $BA. That is the one thing I do not advise. Selling premium will be nice. Purchasing shares will be nice. Don’t purchase options on $BA.
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, $BA, $INTC, $NVDA, $TSLA, $AMD, $AIFF, $RIVN
LONG OPPORTUNITIES:
Long-Term Dividend - $GAIN / $JEPI
Long-Term Investment - $INTC / $BA
Economic News - 09/16/2024 (ET):
NY Fed Manufacturing - 8:30 AM
Notable Earnings - 09/16/2024
Pre-Market Earnings:
No Earnings Scheduled
After-Market Earnings:
High Tide (HITI)
RF Industries (RFIL)
Wrap up
Hopefully, we will continue to watch as market conditions strengthen over the next couple of trading days. We have FOMC’s decision on the interest rate coming out on Wednesday, and the consensus is that we are going to lower rates by 25-50 bps. So be on the lookout for that, as market conditions are going to be turbulent, but we can reach that NEW all-time high!
Let’s see what this week has in store for us and make the most of it!
Good luck trading this week, and let’s have some fun!