HaiKhuu Daily Report - 10/10/2024
Good morning, and happy Thursday! I hope you all feel amazing after $SPY made a NEW all-time high after FOMC minutes were released yesterday! Markets are great, and conditions are looking even stronger across the board. Markets are down slightly at the time of writing this report, but what happens now versus open versus close are two completely different scenarios.
There will be many opportunities to trade in these market conditions, but please continue to tread extremely lightly on these conditions because markets are strong for now, and we can continue to be strong. Just know that eventually, in the near term future, I am expecting to see a bearish day in the markets, where we snap back to the $SPY $570 level. Again, conditions are strong at the moment, so make the most of it while you can!
Make some smart decisions today, realize some gains, and have an amazing time!
Good luck trading today, and let’s have some fun!
The updated $SPY daily levels are as follows:
Conversion Line Support: $571.49
Baseline Support: $558.58
Psychological Support: $570
Daily Cloud Support: $547.05
Thoughts & Comments from Yesterday - 10/09/2024
Yesterday was a beautiful day for the markets. There was consistent bullish momentum, and opportunities to trade as $SPY reached for a NEW all-time high. FOMC minutes were rather dull and uneventful, but thankfully, again, we made a new high, so there is no way to complain about these conditions!
We started the day with $SPY opening at $573.19. Conditions were great, and we watched as conditions continually got stronger throughout the entire morning. The bullish momentum was extremely consistent, and people watched as the markets PRINTED towards the upside. $SPY was strong, markets were strong, and we watched as we hit new highs after new highs, after new highs, after new highs, and conditions were amazing.
$SPY did slowly peter out during the lunchtime lull, finally slowing down and leading into FOMC, but we continued to hover around $576. Markets were great, traders were feeling amazing, and everyone was having an amazing time.
As FOMC minutes were released, they came back essentially at the same place that we’ve been, which was honestly very predictable, causing the markets not to have a large movement in either direction. We were able to watch as $SPY remained relatively flat but mildly bullish into close, where we watched as $SPY made the official high of the day and official all-time high, trading at $577.71. Markets were great, trading was amazing, and opportunities were amongst us.
Congratulations to anyone who realized a significant amount of gains trading with us yesterday. Let’s see what today has in store for us!
S&P 500 Heat Map - 10/09/2024
Thoughts & Comments for Today - 10/10/2024
Today, hopefully, is a fun day for the markets. With the current conditions, I am expecting to see a lot of volatility and opportunity presented to us. I am not overly ambitious going into today, and I do not believe the majority of traders should be. If I am being honest, I am skeptical of these conditions. There are opportunities to curb that skepticism, IE, Economic news coming back positive during the pre-market session. But these are the conditions that, honestly, many traders are going to have difficulties navigating with confidence. We have reached a new all-time high, conditions are strong, and we are greedy, but I will say that general confidence is at a point of confusion.
People have done well over the previous couple of days, but it is just a matter of time before people start to take profit from their positions. They do not want to reallocate into the markets just yet because they believe that due to the pricing of the markets at the moment, people will be less confident to allocate and wait for an opportunity to purchase the dip.
But regardless, it’s life and the markets. The one thing that I want to warn you all bout today is $TSLA. After hours, there is the robotaxi event. I think this is an amazing thing for the organization but terrible for the stock price. Obviously, this event is going to be huge, but the one concern that I have at the moment is the fact that the event’s doors open at 5 PM PT, and the event starts at 7 PM PT (9 CST/10 EST), and the markets will be closed by the time the event is live. Due to this, many people who’ve purchased a position in $TSLA might sell because they don’t want to ride throughout the entire day to speculate after hours, where there is no liquidity or flexibility to get in and out of your positions. This is obviously not ideal in any way, shape, or form for shareholders, mostly someone who wants to attempt to trade the hype of the event. So be careful if you are attempting to trade $TSLA today, because I feel that there will be a bearish undertone in the organization, mostly as people find out the event is after hours.
One speculative play that I personally am only considering right now but will bring up is a play on $UBER/$LYFT. With the Robotaxi event coming out after hours today, there is a high likelihood that either or both of these organizations drop, ASSUMING that $TSLA’s event is a success and has a streamlined process and plan for the official release of this vehicle. In the case that $TSLA does well, both $UBER and $LYFT are going to have a terrible time. Again, this is not guaranteed and is a speculative play, but it is something with potential.
For my allocations today, I will say that I personally am excited to trade. I do not want to force any positions that I am not comfortable or confident in, but at the same time, I do want to take advantage of these market conditions because I believe that traders will be presented with many opportunities to trade and realize gains today. I do not want to be overly aggressive, but I will attempt to scalp and day trade when given an opportunity while still holding my positions accordingly.
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, $RIVN, $BA, $AIFF, $TSLA, $AMZN, $NVDA, $AMD
LONG OPPORTUNITIES:
Long-Term Dividend - $GAIN / $JEPI
Long-Term Investment - $INTC / $BA / $RIVN
Economic News for 10/10/2024 (ET):
Initial Jobless Claims - 8:30 AM
Consumer Price Index - 8:30 AM
Notable Earnings for 10/10/2024
Pre-Market Earnings:
Tilray (TRLY)
Delta Air Lines (DAL)
Domino's Pizza (DPZ)
Neogen Corp (NEOG)
After-Market Earnings:
None Scheduled
Wrap up
Hopefully, market conditions will remain strong, but economic data will decide where the markets take us today. Please tread lightly on these conditions, but do what you can to maximize your profit potential. Many traders are going to realize a significant amount of gains today, and I am sure that more will have an amazing time. So, let’s do what we can to have the best time possible and make the most of today!
Good luck trading, and let’s see if $SPY can keep up this streak!