HaiKhuu Daily Report - 10/02/2024
Good morning, and happy Wednesday! I am sorry for this being a shorter report and that I will not be around as much today. I’ll be traveling and speaking at the University of Missouri and will be back in the middle of the day tomorrow. I think I should be able to get a full report out tomorrow, so thank you all for understanding!
Markets are down slightly at the time of writing this report, and the one recommendation I have for each and every one of you is to prepare accordingly to buy the dip. I do not know where the “bottom” is, but all I know now is that market conditions are strong but are displaying some short-term weakness. Conditions could get a lot better, but as bad as this sounds, I hope we drop a little bit more, giving us a better opportunity to trade and allocate at a lower price.
Please be careful, practice risk management, and tread lightly on these market conditions.
Good luck trading today, and let’s see $SPY finally start to reverse
The updated $SPY daily levels are as follows:
Conversion Line Support/Resistance: $569.94
Baseline Support: $557.08
Psychological Support: $570
Daily Cloud Support: $543.23
Thoughts & Comments from Yesterday - 10/01/2024
Yesterday was a genuinely disgusting day for the overall markets, but it provided us with some amazing opportunities to trade, and realize a significant amount of gains in a very short period of time.
We opened the day with $SPY trading at $573.46, which ultimately ended up being the official high of the day, and watched as $SPY quickly went on to free fall from open, and, within an hour and a half, went on to make the official low of the day trading at $566.01. I believe that the markets were oversold at the relative bottom, as there is no major news that could have justified the markets to drop this rapidly, but at the same time, we were able to capitalize on this insane movement, as we shorted the markets at open, and were instantly rewarded with some significant returns.
Thankfully, after making the official low of the day, markets moved slightly before coming back down in the early afternoon. Conditions were not looking great going into the back half of the afternoon, as $SPY was testing the official low of the day, but thankfully, we saw a beautiful recovery as $SPY rallied leading into power hour, breaking back above the $570 resistance level, before ultimately selling off once again into market close.
We officially ended the day with $SPY trading at $568.62, down $5.14 for the day, or down 0.90%. Conditions on an intraday basis were absolutely terrible, but thankfully, opportunities were amongst us to capitalize on the movement. Congratulations to everyone who printed yesterday with me on the $SPY short at open, and congratulations to all of the $NKE bears. I’ll wipe the tears from my position with $100 bills.
S&P 500 Heat Map - 10/01/2024
Thoughts & Comments for Today - 10/02/2024
Today is setting up to be an interesting time for the markets. Conditions are down during the pre-market session, and we have broken the daily conversion line support, but I believe that conditions are going to get significantly better as the selling, while being justified for the markets, is grossly overexaggerated in my opinion, and when it inevitably bounces from the bottom, will be a beautiful rally. The question is, where is the bottom? Did we see the bottom yesterday? Will we see the bottom today? Will the markets drop for another week before we ultimately recover? I don’t think anyone other than Nancy Pelosi knows that answer, so just prepare accordingly and continually enter into positions slowly, capitalizing on the discounts that are being presented in the markets right now.
Please be careful because, again, who knows where the bottom is? $SPY just broke that conversion line on the daily, meaning some traders are going to start to become less bullish, and some traders will start to shift toward the bearish side. Conditions could obviously be significantly better, but just remember, too, at the end of the day, conditions could get significantly worse in an extremely short period of time. Do not forget that this time, two months ago, $SPY was trading at $510, and everyone thought it was the end of the world for a little bit. That obviously was not true and is an exaggerated move that I do not think will realistically happen, but I just know a general sell-off can very easily happen.
Again, just remember that I believe that this is going to be an amazing buying-the-dip opportunity. Market conditions are not looking favorable after a single day of bearish momentum. Yes, the dip was justified, but the catalyst, unless never resolved, should not have a lasting impact on the overall markets. Honestly, the hurricane at this moment has done more damage than these port strikes. So, just something to consider. I do not know where the bottom is necessarily, but all I know is once we bounce from the bottom, conditions are going to get significantly better, and traders are going to realize a significant amount of gains in an extremely short period of time.
For my allocations today, again, I do not anticipate trading or watching the markets at all today. I will be teaching a couple of marketing classes today and, unfortunately, will not be actively trading or watching the markets. Thank you all for understanding during this time, and I will do what I can to assist everyone during the downtime, but I genuinely do not know how much downtime I will have. I’ll be around for the market open tomorrow, though, and will be back in the middle of the day, so expect everything to be back up and running by Friday! Sorry again for the situation, but I am sure you all understand!
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, $AIFF, $TSLA, $NVDA, $AAPL
LONG OPPORTUNITIES:
Long-Term Dividend - $GAIN / $JEPI
Long-Term Investment - $INTC / $BA / $RIVN
Economic News for 10/02/2024 (ET):
ADP Employment - 8:15 AM
Notable Earnings for 10/02/2024
Pre-Market Earnings:
Conagra Brands (CAG)
RPM International (RPM)
After-Market Earnings:
Levi Strauss (LEVI)
Wrap up
Hopefully, markets will not continue to nose-dive throughout the day. Conditions will be rather rough until they significantly improve. I am personally very excited to see where the markets take us over the next couple of days, but again, it is just a matter of remaining solvent until conditions improve. Please practice safe risk management and capitalize on these market conditions accordingly!
Good luck trading, and let’s see where the markets take us!