HaiKhuu Daily Report - 09/26/2024
Good morning, and happy Thursday! Markets are looking AMAZING during the pre-market session as $SPY is trading above the previous all-time high while writing this report. It seems that the consolidation period ended during the after-hours session, and markets seem to want to move up. If this remains valid until markets open, and valid until market close, are two completely separate questions, but all that matters right now, is $SPY at the time of writing this report, is trading above the previous all-time high.
Continue to tread lightly in these conditions, but look to follow the momentum. Investors should be happy, scalpers and day traders will be provided with opportunities to realize gains in the short term, and swing traders should enjoy some genuine movement after the choppy and rough conditions we’ve seen over the previous couple of days.
As always, please make sure to protect your bottom line and practice risk management, but also take advantage of this market momentum. We all should have a great time trading today, so make the most of it!
Good luck trading today, and let’s have an amazing time!
The updated $SPY daily levels are as follows:
Conversion Line Support: $566.16
Baseline Support: $556.16
Psychological Support: $570
Daily Cloud Support: $539.27
Thoughts & Comments from Yesterday - 09/25/2024
Yesterday was a great day for some positions but also a tough day for the overall markets. Conditions could have been a lot better, but honestly, many of the positions that we were actively watching and allocating into did phenomenally!
We started the day with $SPY opening at $571.19. Conditions were not looking the best, but we opened slightly green against the previous close. The entirety of the first hour of the day was choppy, but we did watch as $SPY moved up to go on and make the official high of the day, trading at $571.89, a staggering $0.70 upside from opening, generating some SERIOUS life-changing money in the process (Obviously not).
After making the official high of the day, we watched as $%SPY continued to drop for approximately the next three hours. Then, around 2 p.m. EST, $SPY made the official low of the day, trading at $568.91. Conditions at the bottom were obviously not ideal, but thankfully, we were able to bounce slightly off the bottom and recover back above $570 by close.
$SPY officially ended the day trading at $570.04, down $1.25 for the day, or down 0.22%. The overall day was honestly kind of terrible, but it all comes down to what positions you were watching and allocating into at the time. I personally watched a significant amount of $INTC in the process, and as a result of that, I was pleasantly entertained as I watched money continually get dumped into my portfolio. Hopefully, you all have been in $INTC with me. We are up over 40% on our entry for the bottom, and now it is just a matter of watching this continue to move here in the short term.
I did start a NEW $RIVN position yesterday, so now it is just a matter of remaining solvent enough here in the short term to be able to capitalize on the upside potential of the organization here in the short term! Let’s prepare for what the markets have in store today, and have an amazing time!
S&P 500 Heat Map - 09/25/2024
Thoughts & Comments for Today - 09/26/2024
Today is going to be an extremely fun day for the general markets. As I said, we are trading above the previous all-time high while writing this report. Assuming we continue to retail at this level by market open and economic news is not terrible, traders will be extremely optimistic and excited to trade. Does optimism mean that the markets are headed up? Yes, but not necessarily. People typically want to trade and allocate when the markets are moving up as they feel more inclined to purchase something moving up versus waiting and trying to time out the “bottom.” This is a flaw in human psychology, but we can utilize it to our advantage.
I personally would not advise attempting to allocate long in these market conditions because of the movement up, purchasing at an all-time high, but if you are holding general positions, continue to hold them, mostly if the position is strong and you have confidence in the allocation. If you want to capitalize on these conditions, the only truly “safe” way to capitalize on this is in the case that you can scalp or day trade the momentum. There will be a significant amount of risk if you are attempting to capitalize on the short-term momentum in the markets, as anything can truly happen, but at the same time, following the momentum and capitalizing on the short-term opportunity is going to be the only way someone may consistently realize gains with confidence in these conditions.
Again, I would not advise anyone to purchase option contracts today as a result of this general movement in the markets. It is obviously not ideal to lose money, but I believe that today, on top of everything, it is going to be extremely difficult to remain consistent while attempting to trade shorter expiration option contracts, especially hard if you are attempting to place a 0-dte position.
Anything can happen on an intraday basis, where many options contracts are going to be able to generate a significant return, but at the same time, I know for a fact that many traders are going to, unfortunately, be wiped out. So, make some smart decisions while attempting to allocate into the markets today, and do what you can to capitalize on the momentum, but just remember, as always, practice safe risk management, limit that downside risk, and set hard stops in place to limit exposure.
For my allocations today, I will say that I do not plan on trading as much today; I’ve allocated into many organizations over the previous couple of weeks, and those positions are playing out nicely. I do not have as much liquid capital as I would personally like in my portfolio, but at the same time, I am holding many great positions that have a lot of potential, including $INTC, where I am up roughly 20% on my equity, $BA, and I just added $RIVN. The majority of my personal focus today will be watching how those organizations play out. I’ll try to find some opportunities to scalp and day trade for you all throughout the day, but just know that I personally do not intend to trade as much today as a result of the allocations I’ve already had. So, TLDR, I am not trading, but I still have a significant amount of general market exposure, which I will be riding.
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, $BA, $RIVN, $TSLA, $NVDA, $AMD, $AIFF
LONG OPPORTUNITIES:
Long-Term Dividend - $GAIN / $JEPI
Long-Term Investment - $INTC / $BA / $RIVN
Economic News for 09/26/2024 (ET):
Initial Jobless Claims - 8:30 AM
Durable-Goods - 8:30 AM
Pending Home Sales - 10:00 AM
Notable Earnings for 09/26/2024
Pre-Market Earnings:
Accenture (ACN)
Ispire Technology (ISPR)
TD SYNNEX (SNX)
CarMax (KMX)
Jabil (JBL)
After-Market Earnings:
Costco Wholesale (COST)
BlackBerry (BB)
Vail Resorts (MTN)
Scholastic (SCHL)
Wrap up
Hopefully, market conditions will continue to remain strong on an intraday basis, and we will all be able to realize a significant amount of gains today. I believe that this is going to be an amazing time for everyone (except the bulls), but as always, tread lightly, as momentum can shift at any time. Watch out for continued new all-time highs throughout the day, and do NOT fight the momentum. SImply follow the trends in the market, and practice safe risk management!
Good luck trading, and let’s continue to make NEW all-time highs!!!