HaiKhuu Daily Report - 10/11/2024
Good morning, and happy Friday! This week has been absolutely insane, with a significant amount of volatility and opportunity. I hope you all are doing well, and are ready for today!
Tesla’s ($TSLA) much-anticipated Robo-Taxi event took place, and at the time of writing, $TSLA is down about 5.5%. Hopefully, no one got caught holding the bag, especially with the event happening so late at night—sometimes, that’s just how things go. Congratulations to everyone who held the $240 puts that were alerted yesterday, as that play is approximately $15 ITM.
As we close out this week, remember to tread lightly and continue practicing good risk management. Some traders will find these conditions challenging, while others will print money like there’s no tomorrow. Be smart, maximize your opportunities, but most importantly, protect your bottom line and make informed decisions.
Good luck trading today, and let’s see where $TSLA goes today!
The updated $SPY daily levels are as follows:
Conversion Line Support: $571.49
Baseline Support: $558.58
Psychological Support: $570
Daily Cloud Support: $547.03
Thoughts & Comments from Yesterday - 10/10/2024
Yesterday was a gross day for the overall markets. There were opportunities to trade but no great opportunities to realize a significant amount of gains with certainty. If you were able to realize a significant amount of gains yesterday, congratulations because you are an anomaly.
We started the day with $SPY opening at $575.87, down slightly from the previous close, and watched as $SPY dropped from opening to make the official low of the day, trading at $574.49, before reversing and showing general strength in the markets. This strength was kept throughout the entire morning, throughout the lunchtime lull, and we watched as $SPY went on to make the official high of the day, trading at $577.55. We were only cents away from making a new all-time high, but unfortunately, it didn’t happen.
After making the high of the day, we watched as $SPY showed signs of a reversal from the top and thus started the afternoon of selling. $SPY quickly trickled down and continued to make the official low of the day, trading at $575, before starting to reverse, leading into power hour.
Power Hour, honestly, reacted “normally” for the first time in a long while. We watched as $SPY continued to move up into the end of the day, and market conditions were honestly wonderful at that time, providing us with an amazing opportunity to realize some gains in an extremely short period of time.
We ended the day with $SPY trading at $576.13, down roughly $1 for the day or down approximately 0.2%. Markets were great and provided us with some opportunities to realize some gains, but at the same time, market conditions were rather tough to navigate. Unfortunately, many did realize losses, and if this was one of you, one, apologies; it never is fun knowing someone realized losses, but two, now it’s time to make the money back.
Let’s see what the markets have in store for us and go from there!
S&P 500 Heat Map - 10/10/2024
Thoughts & Comments for Today - 10/11/2024
Today is setting up to be another interesting time for the markets. WIth $TSLA dropping so heavily during the pre-market session, that is going to cause a lot of confusion across the board. Is Tesla going to recover today? Is Tesla going to continue to sell off? Nobody knows, and that is the beauty of the stock market. I would not be overly ambitious or attempt to take on a significant amount of risk today, but I do believe that there are going to be many opportunities to trade, mostly if you want to trade $TSLA.
One allocation that I think will be fun to watch is selling cash-secured puts at open on $TSLA. With $TSLA dropping heavily overnight as a result of the robotaxi event, put premium is going to be significant around open. I would be careful selling a CSP if you believe that the markets will continue to come down, but assuming conditions remain at the level they are or come down slightly or $TSLA is oversold by open, you should have zero problems selling a cash-secured put with confidence, knowing you will close out the CSP with an easy return within the first hour of the trading day!
Again, as I typically always warn. In the case that market conditions are not ideal, or you simply do not know what a CSP is, I would highly advise you to sit back and stay away from this play. This is not that it is a difficult play to make, but it is a “simple” strategy that under the sheets, is a lot more complex, but the premise is simple. If you have any questions on how to capitalize on a CSP, please feel free to send me a message and I would be more than happy to explain it.
But overall, for the day, please just protect your bottom line and make some smart allocations. I do believe it will be more difficult to attempt to trade today, but just because it is difficult to attempt to trade does not mean that it is not worth the risk. The best will realize gains today, and the lucky will do fine. It is the risk-takers who are not lucky are the ones who are about to get slapped around.
For my personal allocations today, at the time of writing this report, I will say I am disappointed with the movement seen in $UBER. Nothing of any major significance was lost, but it would have been significantly nicer waking up and seeing $UBER dropping 10% as a result of the $TSLA event. Regardless, it is life, and if I am just being honest with you all, I think I will change my trading style soon. I still do enjoy actively trading and realizing gains with you all on a consistent basis, but I think I am going to stop taking as many speculative short-term plays. I’ve found that the two things I do extremely well are active scalping/day trading equities and simply buying and holding strong organizations. It is the short-term risk that I enjoy but have not had much success with recently. That is me just being honest with you all, so be on the lookout for some longer-term allocations to start to hit my portfolio more often, mostly when the markets ultimately dip!
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, $TSLA, $UBER, $INTC, $BA, $RIVN, $AIFF, $NVDA, $AMD
LONG OPPORTUNITIES:
Long-Term Dividend - $GAIN / $JEPI
Long-Term Investment - $INTC / $RIVN / $BA
Economic News for 10/11/2024 (ET):
Producer Price Index - 8:30 AM
Core PPI - 8:30 AM
Consumer Sentiment (Prelim) - 10:00 AM
Notable Earnings for 10/11/2024
Pre-Market Earnings:
JPMorgan Chase & Co (JPM)
Wells Fargo & Co (WFC)
BlackRock (BLK)
Bank of New York Mellon (BK)
Fastenal (FAST)
Wrap up
Hopefully, market conditions will only continue to improve, providing us with more opportunities to trade and realize significant gains. Again, as always, please tread lightly and practice safe risk management, but life is good, and so are these market conditions. So make the most of these conditions and realize some gains to enjoy this weekend!
Good luck trading, and let’s end this week strong!!!