HaiKhuu Daily Report - 10/29/2024
Good morning, and happy Tuesday! Oh boy, I hope you are ready for some market volatility, and if you are not. Well, it’s happening anyway. Earnings are starting, and the games begin today! The only “major” organization with earnings is $GOOG/L after hours today, but we also have Sofi, PayPal, Chipotle, AMD, Snapchat, Reddit, and MANY more today!
Please continue to tread lightly in these market conditions, but make the most of the strength. Life is good, and the markets are treating us even better. So watch out, as there is confidence coming back into the retail markets, being led by a bullish charge in cryptocurrencies. Be smart, be safe, and realize some gains today. I am excited about these market conditions, and I hope you all are too! This is going to be a great time, so have some fun and realize some gains!
Good luck trading today, and let’s see where BTC takes us!
The updated $SPY daily levels are as follows:
Conversion Line Support: $547.07
Baseline Support: $536.72
Psychological Support: $550
Daily Cloud Support: $553.37
Thoughts & Comments from Yesterday - 10/28/2024
Yesterday was a gross and bearish day for the overall market. Conditions were terrible, momentum was slow, and traders simply got chopped around throughout the entire day. There were some opportunities to trade, but unfortunately, there were no great opportunities to realize a significant amount of gains unless you were extremely skilled, a little bit lucky, or both. Regardless. Tough day yesterday, despite a nice overall bullish movement.
We started the day with $SPY looking extremely strong, opening the day trading at $582.51. Conditions were looking great, but that was it for the bullish momentum for the day. We made the official high of the day, trading at $582.63 within the first candle, and we were met with choppy and slow conditions throughout the rest of the day. $SPY quickly sold off leading into the lunchtime lull but thankfully recovered slightly after bouncing at $581. Conditions throughout the entire day were honestly terrible, as the afternoon session did not provide us with any better opportunities or momentum. We honestly just sat there throughout the entire afternoon, watching as $SPY hovered around that $581 range, not providing us with any great opportunities to trade.
$SPY ended up staying at $581 for roughly four hours, where we ended the day, surprising at… you guessed it. $580.83, after dropping off slightly. $SPY did at least end the day trading up $1.79, or up roughly 0.3%. Conditions could have been significantly better, but at the same time, conditions could have been significantly worse. We take the movement of yesterday, mostly because $SPY did have a solid bullish movement, allowing $SPY to close the day right above that daily conversion line support.
Hopefully, the markets will continue to provide us with opportunities to trade, but please continue to tread lightly, as these conditions are confusing.
S&P 500 Heat Map - 10/28/2024
Thoughts & Comments for Today - 10/29/2024
Today should be a fun time for the overall markets. With the way that everything is setting up, I am extremely excited to watch as the markets start to move as a result of the ongoing cryptocurrency bullish movement. Crypto is going up at the moment as Trump’s ratings have gone up significantly after the Joe Rogan interview, almost securing him the win. Vegas is pricing in a 30% edge for Trump at the moment, meaning there is 65% confidence that he will win the elections. This is an interesting take, and I do not want to be political, but this is going to be interesting for the markets.
We have already seen cryptos start to move up, and realistically, I do not think that there is a stop to that crypto confidence in the short term. I am starting to see more and more people talk about BTC, and I am assuming that only more and more traders are going to start to watch it again, mostly as we are seeing a beautiful movement that people have needed to see for a while. Let the retail traders with $38 of BTC start to talk about their positions, and then we will really start to see a significant movement up. Again, anything can happen with crypto, but at the same time, this movement has been beautiful, and there is absolutely zero reason why you shouldn’t attempt to capitalize on the opportunity.
If you are looking to speculate into cryptocurrencies, I would honestly not advise you to attempt to purchase coins like BTC, ETH, and SOL, but look to play generalized derivatives of crypto. That could be one of the spot BTC ETFs, BTC miners, or purchasing a company that invested heavily into BTC, so they are now correlated. The reason why I say this is for liquidity's sake. Attempting to purchase BTC here is going to be extremely expensive and risky. The transaction fees on BTC alone are enough to make scalping/trading almost impossible to do with confidence on a consistent basis. But if you purchase something like a spot BTC ETF, you get instant liquidity, little commission costs, and almost no slippage, getting you a bad fill. Those three stacked up, makes purchasing BTC almost irrelevant. I would not attempt to be overly aggressive with crypto or be hyper-bullish to the extent of being dumb, but at the same time, opportunities are going to be amongst us to trade and realize a significant amount of gains from crypto.
For my allocations today, I will say that I am still in my long positions, but at the same time, I am also stuck in $BA. At the moment, I have 3 Put credit spreads and an expensive call contract. That position is not loving this bearish movement we have seen in $BA today, and I personally do not know how I want to navigate that position. I do not intend on selling that call contract until this union strike ends, but at the same time, I do not know how much longer this will last. So, I will attempt to exit that PCS because I am not a fan of that position anymore after being tested, but I will continually attempt to trade throughout the day. My main priority today will be to watch BTC and BA, but on top of that, I will still attempt to trade and realize as many gains as possible.
So, just continue to practice safe risk management, and do what you can to maximize your profit potential today!
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, BTC, $BA, $INTC, $RIVN, $GRYP, $TSLA, $NVDA
LONG OPPORTUNITIES:
Long-Term Dividend - $GAIN / $JEPI
Long-Term Investment - $INTC / $BA / $RIVN
Economic News for 10/29/2024 (ET):
Consumer Confidence -10:00 AM
Job Openings - 10:00 AM
Notable Earnings for 10/29/2024
Pre-Market Earnings:
SoFi (SOFI)
PayPal (PYPL)
BP p.l.c. (BP)
Pfizer (PFE)
McDonalds Corp (MCD)
Tenet Healthcare (THS)
Enterprise Products (EPD)
Royal Caribbean (RCL)
JetBlue Airways (JBLU)
Crocs (CROX)
After Market Earnings:
Advanced Micro Devices (AMD)
Google (GOOG)
Chipotle Mexican Grill (CMG)
Snap Inc (SNAP)
Visa (V)
First Solar (FSLR)
Reddit (RDDT)
Qorvo (QRVO)
Chubb Corporation (CB)
Electronic Art (EA)
Wrap up
Hopefully, the markets will continue to move in our favor and provide us with some amazing opportunities to trade and realize a significant amount of gains in the process. Please continue to practice safe risk management in these conditions. I am personally very excited to see where the markets take us today, and I am even more excited to trade and make the most of these opportunities. So, we sit back, we relax, and we print some money together!
Good luck trading, and let’s print some money!!!