HaiKhuu Daily Report - 10/03/2024
Good morning, and happy Thursday you beautiful people! I hope you all had an absolutely wonderful day yesterday, and are ready for today! I will thankfully be back and around for the majority of the day, and am extremely excited to be trading with you guys!
Market conditions are a little bit sketchy right now, but just remember that despite conditions being tough to navigate, just remember that opportunities will be amongst us, but it will have difficulties finding those plays, and if you are wrong, the markets will tax you heavily.
Please continue to tread extremely lightly in these market conditions, and do what you can to maximize your profit potential. I believe that again, we are going to be presented with an absolutely insane buying the dip opportunity, but it is just a matter of finding the bottom, and attempting to allocate accordingly. I’ll talk more on how to navigate these conditions later on in the full report.
Good luck trading today, and let’s make some BANK!
The updated $SPY daily levels are as follows:
Conversion Line Resistance: $569.94
Baseline Support: $557.08
Psychological Resistance: $570
Daily Cloud Support: $544.54
Thoughts & Comments from Yesterday - 10/02/2024
Yesterday, looked like an extremely exhausting day for the general markets. Markets saw enough volatility to keep people on their toes, but once we finished with the volatile movements, market conditions were honestly just choppy and relatively disgusting.
We started the day with $SPY opening at $567.73. Conditions were not looking great, but traders had an amazing opportunity to capitalize on the momentum. Markets took a quick dive from the open, where we went on and made the official low of the day trading at $565.27. Conditions at the bottom were not great, but it provided us with an amazing buying the dip opportunity as markets rallied from the bottom, and recovered the majority of the losses that were incurred within the first half hour of the day. $SPY went on to continue that bullish movement, going into the lunchtime session where $SPY rejected the $570 resistance level, but made the official high of the day trading at $569.88. Conditions were absolutely phenomenal, and presented us with an amazing time to capitalizing on the movement.
Then… things slowed down and looked absolutely disgusting. The entirety of the afternoon was just bearish momentum with no great opportunities to trade, or realize any sort of significant gain.
Power hour was uneventful, and we ended the day with $SPY trading at $568.86, up $0.24 for the day, or up 0.04%. It was a disgusting day for the general markets, and seemed extremely exhausting, but it’s honestly just life and the markets. Let’s see where market conditions take us today, and do what we can to maximize our profit potential!
S&P 500 Heat Map - 10/02/2024
Thoughts & Comments for Today - 10/03/2024
Today hopefully becomes a better day for the overall markets compared to yesterday. Markets are down slightly at the time of writing this report, but we are still in a point of confusion, where the markets honestly have zero clue on the direction they want to take. As I said before though, I am expecting to see an amazing buy the dip opportunity. I don’t know if the low of day yesterday was the bottom, or if we are going to continue to drop, but just know that once the markets start to move, that I am expecting to see an wonderful rally, and we should all be able to realize gains both with ease and confidence.
So my advice for you and attempting to allocate long in these conditions, is to scale into a position slowly, when you have the confidence to allocate. Conditions are going to remain in a state of confusion until they are no, and like the unexpected bearish movements that I’ve brought up in the past, the same applies now. When the markets start to move up, we are going to see a significant bullish movement, in an extremely short period of time.
By scaling into a position, it may suck at times if the markets continually drop, while you are attempting to allocate, but regardless of that, assuming that you practice safe risk management and scale into a position slowly, you can continually purchase, and continue to bet a better average. This is not the only way that you can scale in, but I personally like allocating between 10-25% of your total allocation. The reason for that, is when I am not confident in the markets, and believe that my position can continue to drop, that I can easily continue to scale into a play. If I enter in at roughly 10% on initial entry, I can double down that position 3x and still be under what I typically would allocate, while if I allocate 25% when initially purchasing, I will be able to double that position twice, before I am fully allocated into the position I am attempting to make.
So just continue to look for opportunities for you to be able to capitalize on these market conditions, and do what you can to maximize your profit potential here in the short term!
For my allocations today, I do not anticipate trading much, I will be around for the first half hour of the trading day, and then I will be traveling back to Chicago. I will be more than happy to attempt to capitalize on opportunities that are available to me in the short term, but I am not overly optimistic about these parameters I have limiting the freedoms I have to trade right now, so I will not force any trades for the sake of trading. Rather miss out on an opportunity because my conditions are not met, versus forcing an allocation, and realizing losses as a result. Thank you all for understanding, and I am excited to see where the markets take us today!
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
LONG OPPORTUNITIES:
Long-Term Dividend - $GAIN / $JEPI
Long-Term Investment - $INTC / $RIVN / $BA
Economic News for 10/03/2024 (ET):
Initial Jobless Claims - 8:30 AM
Services PMI - 9:45 AM
Notable Earnings for 10/03/2024
Pre-Market Earnings:
Constellation Brands (STZ)
AngioDynamics (ANGO)
After-Market Earnings:
None Scheduled
Wrap up
Hopefully, the markets finally decide to rip and rally. Please consider adding slowly in these market conditions because I believe we are about to see a beautiful rally coming up once the selling has stopped and the confusion has settled. Practice safe risk management, and let’s realize some gains!
Good luck trading, and let’s see where the markets take us today!