HaiKhuu Daily Report 8/01/2023
Good morning and happy Tuesday! Hope you traders are excited for today! Markets are down slightly at the time of writing this report, but this should be a fun day for the general markets. Please be careful in these current market conditions, and note that we can have some extremely sporadic movements that are unaccounted for. Make sure to realize gains when you are comfortable, only take plays you are confident in, and just make some smart decisions. Lots of traders will have a great time over the next couple of weeks, and more people will have an extremely difficult time. So do what you can to increase your profit potential, while decreasing risk.
We are still at the lower end of extreme greed on the fear and greed index and are continually testing support of $SPY on the daily. I believe that this is a clear indication that the market momentum is starting to slow down, so watch for a possible reversal, but also watch for a possibility of another breakout happening soon. In the case we break out again between now and the end of the year, there is a great chance that we hit new all-time highs on $SPY, but in the case, we start selling off and breaking down, $SPY $420-$430 is not an unrealistic target.
Just remember that the current support levels on $SPY are at $455.44, $450, and $445.32. Breaking below $455.44 is a break below the daily conversion line which is a bearish sign, breaking below $450 is a psychological level signaling people are selling, and breaking and holding below $445.32 is a confirmation of a reversal happening from the top.
Continue to tread lightly, but make the most out of the opportunities that are presented to us right now!
Good luck trading today and let’s make some bank!
Thoughts & Comments from 7/31/2023
Yesterday was an absolutely insane day for the general markets with a significant amount of slow bearish momentum, followed by a significant amount of bullish momentum that could have been capitalized on with relative ease. We started the day with $SPY looking strong, trading slightly above the previous close, opening at $457.50. We saw some slight bullish momentum from the market open, where we saw the official high of the day with $SPY trading at $458.16. The momentum up was nice, but it was not sustained in any way shape, or form.
After the movement up, we had a slow continued grind down for the rest of the day. The lunchtime lull did not provide us with anything outside of selling. As people got back from lunch, there was a chance that we recovered some of the losses that were incurred, but as you all saw yesterday. We did not recover in any way shape or form. As people got back, people started selling more, and things were not looking good going into power hour. The downside movement was not significant, but it was bearish enough to make active trading and scalping difficult.
Power hour was a tough time, we did see a quick spike up during power hour, which did result in some slight potential for trades, but ultimately, it was not a movement up of any major significance. We went green ever so slightly for the day, before selling off until the end of the day when we made the official low of the day trading at $456.06, trading around 3:48 pm EST. Things were not looking good going into close, but this is the wild part of the market.
In the final twelve minutes of the day, no one was expecting to see a significant movement in the markets…. But man was it insane.
We quickly went from the official low of the day to ripping up almost $2 in a matter of just minutes. $SPY was looking exceptionally strong as everything moved up with confidence. We ended the day with $SPY trading at $457.79, up $0.87 for the day, or approximately up 0.19%, with an intraday bullish movement of 0.08%. It was not an insane day in terms of overall movement in the markets as there was very minimal movement from open to close, nor overall movement on a day-to-day basis. But the movements we are seeing intraday were crazy.
I hope you all were able to capitalize on the momentum in the markets yesterday and had some fun, as it really was a great time that provided us with many amazing opportunities to trade and realize some gains.
Let’s have some fun trading today, and make some bank in the process!
Thoughts & Comments for Today, 8/01/2023
Today should be an interesting time for the general markets. I am personally expecting to see some bearish momentum and a significant amount of chop making today difficult to trade. Volatility has been increasing continually through the pre-market session as $SPY is falling, which is not a good sign going into the open. This can obviously flip with time throughout the day, but I am not expecting too much in terms of general movement in the markets.
Please be careful in these conditions as the markets are starting to slow down in a way that I personally have been anticipating for a while, but it is just a matter of if the selling is going to be starting anytime soon. We need to see some significant bearish momentum before we can state that the markets have reversed and are showing signs of being bearish. For now, there still is a lot of confidence in the markets, where I would advise to continually riding the momentum in the markets but looking to take off general long-term exposure for safety.
I personally would advise against attempting to allocate heavily into the markets right now, mostly large tech organizations that have moved up significantly over the previous couple of weeks. If anything, I would advise an allocation to larger fundamentally solid organizations that are not as impacted by tech. These in the short term, will not provide any sort of significant return as these positions are typically fairly priced but will be a safe haven in the case market conditions worsen over time. The organizations I personally am allocated right now that are like this, are $TGT, $DIS, and $MAT. These three organizations I feel are very safe in comparison to general tech plays that are heavily overvalued, that once tech starts selling off, will get slaughtered.
If you are attempting to capitalize on these market conditions and momentum in the markets, I am still recommending the same thing as always. Look to actively day trade and scalp, but I would not advise actively attempting to hold long positions. The only long position I would recommend in these conditions is to look into getting leaps on organizations you feel are heavily undervalued, with a far enough expiration, that in the short term, you do not care about the movement. For me, the position I currently am in is a 325DTE 90C on $DIS. This is one of many opportunities that you can look into with relative confidence. There is a lot more in these market conditions that you can consider, but I would highly recommend that you look to take risk off in these current market conditions.
Make some smart plays, realize some gains in these market conditions, and just do what you can to increase your profit potential in the short term.
If you want to watch any of my allocations, they will be posted live in the HaiKhuu Discord.
HaiKhuu Proprietary Algorithm Report:
Yesterday was a crazy day for the markets on an intraday basis and our systems unfortunately underperformed in comparison to the general markets. This is nothing of any major concern though as it was a tough day for the markets with an extremely narrow spread in the overall performance. The fun thing is that this is the first time ever that both the long-term portfolio and the base algorithm are tied for performance for the day. So, small exciting thing, that really doesn’t matter, but we think is cool!
To get an in-depth analysis of our algorithms' performance, check out Asher’s Report!
The results of yesterday are as followed:
Baseline:
$SPY: +0.08%
Our Results:
Sector Neutral: +0.14%
Variable Sector Neutral: +0.0%
Market Neutral: -0.24%
Variable Market Neutral: -0.27%
Base Algorithm: -0.29%
Long Term Portfolio: -0.29%
With the markets setting up during the pre-market session with less confidence than normally, I am personally advising caution from allocating too heavily into these positions. All of these positions are valid from a technical analysis standpoint, but the markets are not at the level of extreme confidence I would want them to be to enter all of these positions with confidence. Look to use this list to start doing research and prepare for what you personally believe could be an opportunity to trade. Make sure as always to practice safe risk management and allocate accordingly. Limit your downside risk by setting stops, and have some fun in the process of everything!
DISCLAIMER - This is not financial advice. Utilize these trades with caution. These predictions are generated via our proprietary trading algorithm without taking into account market conditions, news, or any external biases. This is not a signal to buy or sell any equities, and we do not guarantee success. Take these at your own risk.
Algorithmic Alerts for 8/01/2023
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 , $MAT , $SPOT , $RIVN, $TGT , $AAPL , $MSFT , $TSLA , $GOOG/L
Position Opportunities:
Ride the momentum in the markets
Set stops in guaranteed profit for any position you are in profit in
Cut all positions you are not comfortable holding
Exit positions you are comfortable taking profit on
LONG OPPORTUNITIES:
Long-Term Dividend - $GAIN
Economic News for 8/01/2023
Job Openings - 10 AM ET
ISM Manufacturing - 10 AM ET
Construction Spending - 10 AM ET
Notable Earnings for 8/01/2023
Pre-Market Earnings:
Norwegian Cruise Line (NCLH)
Uber Technologies (UBER)
Pfizer (PFE)
Caterpillar (CAT)
Merk & Co (MRK)
JetBlue Airways (JBLU)
Altria Group (MO)
SiriusXM Holdings (SIRI)
Molson Coors Beverage Co (TAP)
Toyota Motor (TM)
After-Market Earnings:
Advanced Micro Devices (AMD)
Starbucks Corp (SBUX)
Pinterest (PINS)
MicroStrategy (MSTR)
e.l.f. Beauty (ELF)
Virgin Galactic Holdings (SPCE)
Match Group (MTCH)
American International Group (AIG)
Allstate (ALL)
Electronic Arts (EA)
Wrap up
Overall, this should be an interesting time for the markets. I am expecting to see a significant amount of chop and bearish momentum in the markets today, so tread lightly, but take advantage of all of the opportunities that are presented to you in these current market conditions. Watch out for a possible reversal on $SPY’s general momentum but continue to capitalize on the trades that are available to you in these conditions.
Good luck trading, and let’s have some fun today!