HaiKhuu Daily Report - 10/15/2024
Good morning, and happy Tuesday! Markets are looking beautiful, and momentum is remaining extremely strong! I hope you all are doing amazing and are ready for today!!! Many traders are about to realize a significant amount of gains attempting to trade today. Opportunities will be amongst us with the strength in the markets; it is just a matter of capitalizing on them in real time. Please be careful and practice risk management, but do not fight this momentum. One of these days, markets will reverse, and we will have an amazing opportunity to be bearish, but until then, simply do not fight the momentum.
Ride this wave in the markets and capitalize on it while you can. Conditions will not remain this optimal, and we will inevitably see a bearish movement in the markets, but as of right now, it has not happened. So make the most of this market strength, and let’s have a lot of fun!
Good luck trading today, and let’s see where $SPY takes us!
The updated $SPY daily levels are as follows:
Conversion Line Support: $575.27
Baseline Support: $562.62
Psychological Support: $570
Daily Cloud Support: $544.53
Thoughts & Comments from Yesterday - 10/14/2024
Yesterday honestly, was a tough, yet beautiful day for the overall markets. Many traders simply did not realize that the markets were open, volume was slow, momentum was even slower, but we watched as $SPY made a new all-time high, after a NEW all-time high!
We started the day with $SPY opening at a new all-time high, trading at $581.23, and conditions were looking extremely strong from the get go. We watched as there was beautiful bullish momementum from open, and watched as $SPY continued to slowly trickle up, chopping around slowly, but having continual bullish momentum.
But in the afternoon, that was when traders started to have a problem. For approximately two hours straight, the markets simply did nothing, remaining within an extremely tight range the entire time. There was no bullish or bearish momentum. The markets simply just stayed within an extremely tight range, before starting to move back up during power hour, and going on to make the official high of the day trading at $585.27, and coming down slightly into close, where we ended the day with $SPY trading at $584.32, up $4.74 for the day, or up approximately 0.82%, with a beautiful beautiful movement up on an intraday basis.
I hope that you all have been holding strong equity positions, because despite yesterday being a boring day for the overall markets, the results speak for themselves, with a significant amount of opportunity, simply sitting back, relaxing, and enjoying the ride.
It will be fun to see where the markets take us today, and possibly see a NEW all-time high on $SPY!!!
S&P 500 Heat Map - 10/14/2024
Thoughts & Comments for Today - 10/15/2024
Today should be another fun day for the general markets. With the way the markets are looking at the moment, I believe that we are going to see many opportunities to capitalize on strong conditions, and hopefully, we only continue to make new all-0time highs today. As I said before, please continue to capitalize on these market conditions, and do what you can to maximize your profit potential. I believe that many traders will be presented with some great opportunities to trade, and I believe that many traders are going to realize a significant amount of gains today with relative ease. So be smart, be safe, and do what you can to make the most of these conditions.
As I have warned before, please continue to tread lightly, as the faster and higher $SPY rallies, the stronger these conditions become, but you know as they say. The bigger they are, the harder they fall. Again, I do not believe that we will see bearish momentum in the short term, nor is this a signal to start purchasing puts, or being bearish in general. But this is just a warning to be careful, because one of these days, completely randomly and unexpected, I believe we will see a significant amount of bearish momentum that will slaughter many traders.
If you are attempting to allocate and capitalize on the markets today, I believe that there will be many great opportunities presented to us both to scalp and day trade. The difficult part about this, is knowing where to allocate, and which style. My only concern, is in the case that markets remain relatively neutral throughout the majority of the day like yesterday. If markets are choppier, and present themselves with volatility, as long as you are comfortable with that, then look to scalp the markets. But if conditions are looking strong, but momentum is weak, then look to capitalize on the markets by day trading, and holding some strong positions throughout the day.
This might sound obvious saying this, mostly right now, but there is a reason why the strongest portfolios simply continually hold positions over the course of time. If you look in hindsight, simply buying and holding a large majority of positions over the previous week, would have been phenomenal (outside of $TSLA). If you are not adding to long positions in your portfolio, this is a time to start to consider it, and really think about organizations that you believe are at a heavy discount, with a significant amount of future upside potential. Think about a company that you believe is extremely strong, but has a lot of future potential. Simply buy that organization when it is discounted, hold, and sell when you are happily in profit. If done right, this will be extremely consistent. If done incorrectly…. well…. just don’t do it incorrectly.
For my allocations today, I will say that I do not intend on trading as much, but it all comes down to market momentum. I am basing this judgement on the market momentum we say yesterday. If markets remain relatively choppy and flat, I will not allocate as I do not have confidence. But, in the case that the markets are moving up, I will look to allocate into one of the bigger names that I am consistently trading, and riding the momentum. I do believe it is interesting that one of the plays I alerted last month, $DRUG, has done phenomenally. This is not a recommendation to buy or sell the position, but with everything going crazy at the moment, I believe that this is going to be an interesting watch.
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, $DRUG, $INTC, $BA, $RIVN, $AIFF, $TSLA, $NVDA
LONG OPPORTUNITIES:
Long-Term Dividend - $GAIN / $JEPI
Long-Term Investment - $INTC / $RIVN / $BA
Economic News for 10/15/2024 (ET):
Manufacturing Survey - 8:30 AM
Notable Earnings for 10/15/2024
Pre-Market Earnings:
Walgreens Boots Alliance (WBA)
UnitedHealth (UNH)
Johnson & Johnson (JNJ)
Citigroup (C)
Bank of America (BAC)
Progressive Corp (PGR)
Goldman Sachs (GS)
FB Financial Corporation (FB)
PNC Financial Services (PNC)
Nisun International (MBWM)
After-Market Earnings:
Interactive Brokers (IBKR)
United Airlines (UAL)
J.B. Hunt (JBHT)
SMART Global Holdings (SGH)
Hancock Whitney Corporation (HWC)
Pinnacle Financial (PNFP)
Enerpac Tool Group (EPAC)
Wrap up
Hopefully, market conditions will only continue to move up, conditions are looking strong, and it appears that we will make new all-time highs again today, but it is just a matter of being able to capitalize on it in real-time and have an amazing time in the process. Many traders are going to realize a significant amount of gains, so protect your bottom line and have a great time!
Good luck trading, and let’s see some NEW all-time highs on $SPY!!!