HaiKhuu Daily Report - 11/08/2024
Good morning, and happy Friday!!! Wow, this week has been amazing, with NEW all-time highs, stupid strong conditions, and great opportunities! Traders should all feel amazing as $SPY continues to edge closer and closer to $600! These conditions have been amazing, and I am really excited to see where the markets take us from here. I wouldn’t be overly upset if the markets had a minor correction, but I am happy about these conditions, and I hope you all are too!
I do want to warn you all that you shouldn’t necessarily be bearish in these market conditions but tread extremely lightly, as we, the markets, have a high fall risk, and we just have to wait for the euphoria to come to an end! All that matters now though, is euphoria is at a high as the Feds decreased interest rates by another 25 bps, resulting in markets becoming slightly more favorable in the process. So, let’s see what today has in store for us and make the most of these conditions!
Good luck trading today, and let’s see a NEW all-time high on $SPY!
The updated $SPY daily levels are as follows:
Conversion Line Support: $582.27
Baseline Support: $581.07
Psychological Support: $580
Daily Cloud Support: $563.51
Thoughts & Comments from Yesterday - 11/07/2024
Yesterday was another beautiful day for the overall markets with continual new all-time highs, strong market conditions, and great opportunities to trade $SPY. Everyone should have been able to capitalize on the conditions yesterday with relative ease, so I hope you all had an amazing time and realized some gains!
We started the day with the SPY opening at $593.09. Market conditions have been absolutely amazing after we gapped up from $570, and conditions have been extremely strong. We rallied from the open and continually moved up throughout the day, continually making new all-time highs in the process.
Markets rallied throughout the entire morning, only slowing down during the early afternoon after the lunchtime lull, but thankfully picked back up and continued to rally leading into close. During powerhour, we watched as $SPY made the official all-time high, trading at $596.64 before coming down ever so slightly leading into close, where we officially ended the day with $SPY trading at $595.61, up $4.57 for the day, or up roughly 0.77%.
I will say that yesterday was a great day for the overall markets, with many opportunities to trade and realize gains. It is just a matter of continuing that trend and capitalizing on these conditions!
S&P 500 Heat Map - 11/07/2024
Thoughts & Comments for Today - 11/08/2024
Today is a day that is either going to be another wonderful day for the markets as everything continues to rally, or things are going to get sketchy in an extremely short period of time. As always, my warnings to you are not a signal to be bearish but to be cautious about these conditions. Markets are strong, and I would not advise anyone to attempt to be bearish, but this is the time to protect your bottom line and think rationally while others remain irrational. I would not put extremely large targets as what you’re attempting to allocate, so please just continue to remain rational and level-headed, not only with your allocations but with your mindset on these conditions.
I know it is easy to be overly bullish and confident right now, but this is just a fair reminder that everything will seem amazing, but the higher the markets go, the harder we will fall. It is not a matter of if we end up falling, but more so a matter of when we start to reverse. I would only advise people to be bearish once there is a confirmation of a reversal from the top, and I would not hold general bearish exposure, assuming that we are going to be able to continually capitalize on these conditions and markets remain solvent.
Just please, continue to practice safe risk management. Traders could have a difficult time with a significant amount of losses being generated as a result of allocating improperly at what we are considering “the top” where if you are extremely lucky, you should be fine, but this only becomes an issue for people with more luck than brain cells, and have run out of luck. It is a great time to take on some risk in these market conditions, but taking on risk provides us with an amazing opportunity to trade. it is just a matter of being able to capitalize on these conditions with relative confidence. So tread lightly, and let’s have an amazing time!
One position that I think is going to be an extremely interesting watch today is going to be $RIVN. They dropped stupid heavily a couple of days ago under the assumption that $RIVN was going to miss earnings, essentially taking away the earnings volatility from us. We saw that the earnings numbers from last quarter… were absolutely terrible, but this is what I am excited about. The is solid forward guidance, and the organization did not fail overnight. With both of those catalysts, I am expecting to see a significant amount of volatility with this play today, and it will be the main focus I have today!
For my allocations today, I do plan on really just watching $RIVN. My allocations have been cut down heavily, and the majority of my active capital is currently in $RIVN, which, in my opinion, is a great long-term hold, but the issue is the short-term volatility despite it being a long hold. We survived earnings, but today does have me a little skeptical, so I will be treading lightly, but simply just watching my $RIVN position for the majority of the day!
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, $META, $AMZN, BTC
LONG OPPORTUNITIES:
Long-Term Dividend - $GAIN / $JEPI
Long-Term Investment - $INTC / $BA / $RIVN
Economic News for 11/08/2024 (ET):
Consumer Sentiment - 10:00 AM
Federal Budget - 2:00 PM
Notable Earnings for 11/08/2024
Pre-Market Earnings:
Adient (ADNT)
Fluor (FLR)
NRG Energy (NRG)
Sony Group (SONY)
Baxter (BAX)
Wrap up
Hopefully, market conditions continue to remain optimal until the end of today. It would be beautiful to see $SPY reach a new all-time high in the process, so just continue to tread lightly, practice safe risk management, and do what we can to maximize our profit potential. I am excited to see where the markets go from here, but at the same time, I am worried about the downside risk. So realize some gains while you can, and have an amazing time!
Good luck trading, and let’s end this week strong!!!