HaiKhuu Daily Report - 10/14/2024

Good morning, and happy Monday! I hope you all had a wonderful weekend and are ready for another week of opportunity and new all-time highs. 

Conditions are looking strong at the time of writing this report, and I think that we should all continue to remain optimistic as market conditions continue to strengthen. We are extremely close to making another NEW all-time high, so prepare accordingly. Market conditions are about to be volatile and present us with an amazing opportunity to trade!

There are a LOT of major events coming this week, so be on the lookout for these events! 

• Monday

  • Nothing Significant

• Tuesday

  • Earnings:

    • Pre-Market - Walgreens, United Health, Johnson & Johnson, Citigroup, Bank of American, Goldman Sachs

    • After Hours - United Airlines, J.B Hunt

• Wednesday

  • Import Price Index - 8:30 am EST

  • Earnings:

    • Pre-Market - ASML / Morgan Stanley

    • After Hours - Steel Dynamics, Discover Financial, Equifax

• Thursday

  • Initial Jobless Claims / Retail Sales - 8:30 am EST

  • Earnings:

    • Pre-Market - Taiwan Semiconductor / Elevance Health

    • After Hours - Netflix

• Friday

  • Housing Starts - 8:30 am

  • Earnings:

    • American Express, Procter & Gamble, Fifth Third Bancorp, Ally Financial

If you’d like to read the FULL Weekly Preview, click HERE!

Regardless of everything, please be smart, practice risk management, and realize some gains! 

Good luck trading this week, and let’s kill it! 

The updated $SPY daily levels are as follows:
Conversion Line Support: $572.80
Baseline Support: $559.89
Psychological Support: $570
Daily Cloud Support: $546.44

Thoughts & Comments from Last Week

Last week was a beautiful week for the markets, with strong bullish momentum and NEW all-time highs! There were many opportunities to capitalize on the market conditions, and I hope you all had a wonderful time!

We started the week with $SPY looking relatively slow, opening the week trading at $571.34 and continually hovering around $570 for the majority of the day before quickly breaking down and making the official low of the week trading at $566.63.

Thankfully, after the bearish momentum on Monday, we rallied overnight leading into Tuesday and were caught with some strong bullish momentum throughout the rest of the week, making the first of many new all-time highs on Wednesday after the release of FOMC minutes, and watched as $SPY continually pushed and made new high after a new high.

Thursday was a relatively neutral day, but I feel that is often the case for days like Tuesday and Thursday.

Friday, depending on how you allocated, and where you allocated, you would have had an absolutely phenomenal time. We opened the day with $SPY trading at $576.03, slightly below the previous all-time high, but rallied throughout the entire morning, going on to test $580, making a new high after new high, and rejecting $580 going into the lunchtime session, where $SPY made a relatively low trading right above $578. Thankfully, towards the back half of the afternoon, the markets rallied again, making the official high of the day and an all-time high on $SPY, trading at $580.32, breaking right above that $580 resistance, coming down slightly leading into close, where we officially ended the week with $SPY trading at $579.58, up $3.45 for the day, or up approximately 0.60%, while being up $8.25 for the week, or up roughly 1.5%.

It was a great week for the markets, with significant bullish momentum and new all-time highs. I hope you all had a wonderful week trading and a better weekend and are ready for what the markets have in store for us today!

S&P 500 Heat Map - 10/11/2024

Thoughts & Comments for Today - 10/14/2024

Today should be an interesting way to start the week.  With a significant amount of earnings and economic news coming out this week, I am expecting to see a significant amount of volatility and inconsistencies in the markets, meaning there will be opportunities presented to us, but at the same time, it will be difficult to capitalize on the opportunities at the same time. Please tread lightly and be careful in these conditions, but just remember that, genuinely, anything can happen in an extremely short period of time, and it is just a matter of being able to realize gains consistently. 

I do believe market conditions are going to be extremely choppy here, around $580, until markets truly pick a direction. The question about that is, will the markets rally and break out? Or do we quickly snap back to $SPY $570? Anything can happen, and your prediction is as valid as mine, so just consider this while attempting to trade, not only today but in the near future. 

I still do believe that in the near future, we are about to see an extremely bearish day, or bearish couple of days in the markets. I do not want to be the guy who cries wolf or causes anyone to be bearish because that is not my goal. But, again, I still do believe that we will see some significant downside here in the near future. Continue to capitalize on these conditions, but this is just a fair warning that if conditions worsen here in a little bit, genuinely anything can happen. The harder the markets rally, the quicker, larger, and more unsuspecting of a drop. I will say that once we do see that drop, I believe it will be an amazing opportunity to buy the dip. So just something to consider in these conditions!

One organization that did catch my eye is $KARO. Karooooo (Yes, there are 5 o’s) is a SaaS company based in Singapore with earnings coming up after hours today. Over the previous year, they have been doing extremely well, with a significant amount of bullish momentum. Over the previous week, they are up 10%; over the previous six months, they are up 61%; and year-to-date, they are up 80%. I am not saying that this is a signal to buy or sell the organization, as I honestly do not know much about the company, but I cannot deny the strong year that they’ve had. I do not own any position in this organization, nor do I intend to allocate. But this is an interesting play that flew on my radar, and I cannot deny the momentum they’ve had over the previous year, so just a play I am bringing up to put on your radar, too! 

For my allocations today, I will say that I am excited to trade, but I still remain firm on my stance that I am not going to be speculating as much on short-term risk events as I have not had much luck with them recently, but I will be sticking with active day trading/scalping. I am still allocated for the large majority of my portfolio, with the majority of my liquidity coming directly from margin. This is a lot different than a couple of months ago when the majority of my portfolio was held in cash. So I’ll be actively trading today when I have the confidence to do so, so look out for those plays!

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, $RIVN, $INTC, $BA, $AIFF, $TSLA, $NVDA, $AMD

LONG OPPORTUNITIES:

• Long-Term Dividend - $GAIN / $JEPI

• Long-Term Investment - $INTC / $BA / $RIVN

Economic News for 10/14/2024 (ET):

• No News Scheduled

Notable Earnings for 10/14/2024

Pre-Market Earnings:

• Charles Schwab (SCHW)

After-Market Earnings:

• Karooooo (KARO)

Wrap up

Hopefully, market conditions will remain strong as earnings season starts. There will be many catalysts for extremely volatile market conditions. Continue to tread lightly and practice safe risk management while still taking advantage of the strength in the markets. We will inevitably continue to move up until market conditions weaken. So have fun while you can, and just know that eventually, one of these days will be met with significant bearish momentum. But until then, we sit back, relax, and have an amazing time!

Good luck trading, and let’s make the most of this week!