HaiKhuu Daily Report - 10/17/2024
Good morning, and happy Thursday! Man this has been an amazing week, and I hope that you all are ready for another great day for the markets! $SPY is looking strong, trending up during the pre-market session, and general retail sentiment is at a high. I am extremely happy with these market conditions, and I genuinely hope that you all are too. This has been an extremely interesting time for the markets as opportunities have been presented to us, but it is a matter of being able to capitalize on them all in real-time. Many traders are going to be provided with some amazing opportunities to trade, while others are unfortunately going to have a little difficulty navigating with confidence and allocating accordingly.
I think that markets should provide us with some great opportunities today, so watch out for semiconductors, but I think generally we will have an amazing time, and realize a significant amount of gains! So, let’s see where the markets take us today and make the most of it!
Good luck trading today, and let’s make some BANK!
The updated $SPY daily levels are as follows:
Conversion Line Support: $575.95
Baseline Support: $562.62
Psychological Support: $580
Daily Cloud Support: $544.53
Thoughts & Comments from Yesterday - 10/16/2024
Yesterday was honestly an amazing day for the general markets. With the strength across the board, there were many amazing opportunities to realize a significant amount of gains in an extremely short period of time. Many traders were able to capitalize on the strength in the markets with confidence, and as a result of that, many gains were realized yesterday!
So, we started yesterday with $SPY opening at $579.80, slightly below the $580 support level, and watched as there was mixed confusion at open. $SPY dropped from the get-go, going on to make the official low of the day trading at $578.96, but watched as thankfully we were able to reverse and display some general bullish momentum and strength, as $SPY quickly went green again for the day, and leading into the lunchtime lull, provided us with an amazing launch pad off $580.
Once $SPY was back to $580, conditions were relatively strong, and we watched as $SPY continually pushed up beautifully, consistently making new highs after the lunchtime lull, breaking out towards the back half of the afternoon, and making the official high of the day, trading at $582.83, up beautifully for the day. Then we watched as power hour did not have much momentum or provide us with great opportunities to trade.
We ultimately ended the day with $SPY trading at $582.30, up $2.50 for the day, or up 0.4%. It was an amazing day for the markets as many traders were able to realize a significant amount of gains, and as a result of that, the vibes were immaculate, and everyone hopefully had an amazing time in the process.
Let’s see what today has in store for us and make the most out of today. But the previous two days have been absolutely amazing, so let’s see if we can go for the hat trick!
S&P 500 Heat Map - 10/16/2024
Thoughts & Comments for Today - 10/17/2024
Today is setting up to be a great day for the general markets. $SPY is looking strong as we trend closer and closer to making a new all-time high. Conditions are great, sentiment is strong, and momentum is looking beautiful. I hope you all are ready for what should be a great day for the markets and that you will be provided with some amazing opportunities to realize a significant amount of gains at the same time.
If you are attempting to trade today, the best way to capitalize on these market conditions, honestly, is by attempting to follow the momentum and treading extremely lightly. With the general strength, I think we have a high likelihood to watch as many organizations run while others, unfortunately, are laggards. Do not try and trade the laggards. Simply follow the money. You will not get the perfect entry, but I would much rather have a winning play than attempt to wait around to get an entry on an organization, and that opportunity never comes.
So simply follow the market momentum, make some smart trades, and realize gains. If you are not confident enough to navigate these conditions, that is fine because allocating long in these conditions is tough. So look for some great opportunities when you are confident enough to allocate and take advantage.
I feel that one of the biggest things about trading is human psychology and the feeling of “comfort.” A lot of traders understand the idea of being comfortable, but not many people know how to be comfortable in the markets. There are too many people out there that are actively trading, but allocating too heavily, where they start to sweat and get emotional about a play. There are some anomalies to this, but the majority of traders I know, once they allocate with size, are not “comfortable” navigating these conditions. My advice for you is either to size down your position or switch your allocations. Options are a great way to lie to yourself, to make yourself more “comfortable” as the capital requirement on those positions is lower, but many of these traders are getting blindsided as they do not understand the amount of risk and exposure that they are taking on. On the other hand though, sometimes people are playing organizations that are too risky. Anyone can allocate to Chinese Shitco #9, but not many can allocate there with confidence, compared to buying and holding shares of an organization like $AAPL.
So, if you are stressing over the markets and your allocations, my recommendation for the majority of people is to scale down your allocations and trade organizations that you are comfortable holding and only trade them at a price you’d be comfortable holding the position at!
For my allocations today, I do want to say that I have exited a significant amount of my portfolio and am starting to get liquid again. As a result of that, I will be looking to make more long allocations with that capital, when I see an opportunity that I am confident enough to allocate to. I will be waiting to buy the dip but will be utilizing that capital to realize some short-term gains by actively scalping and day trading when given an opportunity.
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, $GRYP, $RIVN, $INTC, $BA, $NVDA, $TSLA, $AIFF
LONG OPPORTUNITIES:
Long-Term Dividend - $GAIN / $JEPI
Long-Term Investment - $INTC / $BA / $RIVN
Economic News for 10/17/2024 (ET):
Initial Jobless Claims - 8:30 AM
Retail Sales - 8:30 AM
Business Inventories - 10:00 AM
Notable Earnings for 10/17/2024
Pre-Market Earnings:
Taiwan Semiconductor (TSM)
Travelers Companies (TRV)
Huntington Bancshares (HBAN)
Blackstone (BX)
Elevance Health (ELV)
Infosys Technologies (INFY)
Texas Capital Bancshares (TCBI)
Commercial Metals (CMC)
M&T Bank Corp (MTB)
Trust Financial Corporation (TFC)
After-Market Earnings:
Netflix (NFLX)
Intuitive Surgical (ISRG)
WD-40 Co (WDFC)
Crown Holdings (CCK)
F.N.B. Corporation (FNB)
Marten Transport (MRTN)
OceanFirst (OCFC)
Bank OZK (OZK)
Wrap up
Hopefully, market conditions will only continue to get stronger from here, and we watch as $SPY breaks out and makes a NEW all-time high as a result today. I am excited to trade, and I hope you all are too. Opportunities are going to be amongst us. So let’s realize a significant amount of gains and make the most out of the opportunities that are going to be presented to us!
Good luck trading, and make the most out of today!!!