HaiKhuu Daily Report - 11/07/2024
Good morning, happy Thursday, and welcome to ANOTHER DAY IN PARADISE. Market conditions are looking amazing as $SPY is trading above the previous all-time high at the time of writing this report, and traders are feeling AMAZING in the process. I hope you all are ready for what is setting up to be another phenomenal day for the markets because that is what is setting up right now.
The major news event to watch today is the FOMC’s decision on the interest rate this afternoon. The consensus is that we will see another 25 bps rate cut, but nothing is official until it is announced. Just remember that the markets rallied the last time there was a rate cut. If that happens again today, there is a chance that $SPY will break $600 extremely soon.
This will be an interesting time, with many great opportunities to trade, so take advantage of market conditions today and realize some gains!
Also, the weekly preview for next week is LIVE; check it out to prepare for next week!
Good luck trading today, and let’s see where the markets take us!
The updated $SPY daily levels are as follows:
Conversion Line Support: $579.91
Baseline Support: $578.60
Psychological Support: $580
Daily Cloud Support: $563.51
Thoughts & Comments from Yesterday - 11/06/2024
Yesterday was one of the best days I’ve seen in my entire trading career. Markets gapped up; traders got chopped around, and we rallied and made new all-time highs! Conditions were amazing, gains were realized, and opportunity was presented to us consistently across the board!
So, we started the day with $SPY opening up $13 higher than the previous close, trading at $589.31, making a new all-time high in the process. We watched as $SPY dropped slightly at open, going on to make the official low of the day, trading at $585.41, but we watched as conditions quickly recovered. We watched as $SPY continued to grind up, continually making new all-time highs after new all-time highs.
We remained relatively flat during the lunchtime lull but watched as the markets continued to rally throughout the afternoon, continually making new highs, before watching as $SPY went on to make the official high of the day and an all-time high, trading at $591.93 before coming down slightly leading into close. We officially ended the day with $SPY trading at $591.04, up $14.34 for the day, or up approximately 2.5%. It was a beautiful day for the markets, with even stronger bullish momentum and opportunity. I hope you all were able to capitalize on the bullish momentum in the markets and are ready for another amazing day!
S&P 500 Heat Map - 11/06/2024
Thoughts & Comments for Today - 11/07/2024
Today is setting up to be another amazing day for the markets, and I hope that you all are excited about today! $SPY is trading above the previous all-time high, conditions are looking great, and people are extremely excited to see what happens today with the interest rate. With everything going on right now. I am expecting to see a significant amount of volatility in the markets, providing us with amazing opportunities to trade but opportunities to generate losses.
This is unfortunate, but it is something that I realistically have to warn you about right now because of the current placement in the markets. I never say this in an attempt to scare you all, but just know with the way that the markets have moved up, we can easily continue to move up, but then concern comes in on where the top is and how far back down we are going to drop. I am not saying that you should be bearish in these market conditions, but you should think rationally about what you are comfortable doing in these conditions and how you can capitalize on these conditions the best.
My recommendation for the large majority of traders, at this point, is not to look to allocate long into the markets but to simply look to scalp and trade these conditions. You will be able to capitalize on strong market conditions, but it is tough to allocate here with confidence after everything has moved up significantly. So, if you attempt to get in here, you will be paying a premium. But what is worse? Paying a premium to get into a position that has already moved or missing out on the continuation. To each their own, but I think that realistically, you all are going to be in an amazing spot with great opportunities to trade and realize a significant amount of gains in a short period of time.
If you are looking to allocate, I would look to allocate to organizations that you are confident in the price at the current moment and are comfortable holding for what could be an extended four-year period. Obviously, four years is a long horizon, but for an investment, it is not as long as you expect. So purchase some smart positions that you believe will do well over the next couple of years, and have an amazing time holding and watching as the returns are exponential from here.
For my allocations today, I will say that I plan on being more passive. With the market conditions being extremely favorable, I am going to continue to hold my position and watch as they slowly move up. I do regret selling a significant amount of my positions yesterday as they would have done phenomenally holding, but hindsight is 20/20, and I will trade when given an opportunity to do so! This should be a fun day, so make sure to practice safe risk management and make the most of it!
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, $BA, $TSLA, $NVDA, $INTC, $MSFT, $COIN, $DJT
LONG OPPORTUNITIES:
Long-Term Dividend - $GAIN / $JEPI
Long-Term Investment - $INTC / $RIVN / $BA
Economic News for 11/07/2024 (ET):
Initial Jobless Claims - 8:30 AM
Wholesale Inventories - 10:00 AM
FOMC Interest-Rate Decision - 2:00 PM
Fed Chair Powell Press Conference - 2:30 PM
Consumer Credit - 3:00 PM
Notable Earnings for 11/07/2024
Pre-Market Earnings:
Vistra (VST)
Moderna (MRNA)
Barrick Gold (GOLD)
Halliburton Company (HAL)
Hershey Company (HSY)
Warner Bros Discovery (WBD)
Manulife Financial (MFC)
Duke Energy (DUK)
Hilton Grand Vacations (HGV)
Under Armour (UAA)
After Market Earnings:
DraftKings (DKNG)
Arista Networks (ANET)
Block (SQ)
Rivian Automotive (RIVN)
Unity (U)
Affirm Holdings (AFRM)
Airbnb (ABNB)
Pinterest (PINS)
Fortinet (FTNT)
Expedia (EXPE)
Wrap up
Hopefully, market conditions will continue to remain favorable and present us with a great opportunity to relax and realize a significant amount of gains in an extremely short period of time. I am extremely excited to see where the markets take us from here, but now it is just a matter of being able to realize gains on a consistent basis with confidence. Markets are looking beautiful, so that should not be difficult, but just make sure to be extremely careful leading into the interest rate decision.
Good luck trading, and let’s make another ALL-TIME HIGH!