HaiKhuu Daily Report 8/08/2023
Good morning and happy Tuesday! Hope you all are feeling great and are hyped for market conditions today. $SPY has only continued to fall through this pre-market session despite us bouncing off the daily support levels yesterday. At the time of writing this report, we are below the daily support levels, so please be cautious as there is a lot of downside risk in the markets right now. As long as you are being safe and careful, you should be in a great spot to navigate these market conditions. Just please, practice safe risk management and continue to follow the momentum in the markets.
There is a great chance the markets do pop back up in the short term and come back up to $450, but as I said, I am expecting some chop around this daily baseline support until the markets decide on which direction we ultimately are going.
Please be safe and tread lightly on these market conditions, but maximize your profits and realize some gains!
Good luck trading today and let’s see what happens today in the markets!
SPY Daily Supports:
Conversion Line Resistance: $452.86
Base Line Support: $448.25
Weak Psychological Resistance: $450
Thoughts & Comments from 8/07/2023
Yesterday was a beautiful day for the bulls after what was a blood day on Friday. $SPY opened the day nicely green, trading at $448.57, up nicely from the previous close on Friday at $446.81.
Markets continued to shop around this level, where we moved up slightly, to come down and make the official low of the day trading at $448.00. There was an extremely narrow range with not much movement overall, but a significant amount of chop that did make it difficult to trade with confidence, but there were opportunities to capitalize on the market conditions.
$SPY did slowly come up towards the back half of the day though, as we took a slight dip into the lunchtime lull, but watched as there was some solid buying momentum afterward as a result.
We continued to chop around and move up closer to $450, whereas, in the final hours of the trading day yesterday, we broke above $450 with relative confidence and chopped around that level until power hour.
During power hour, we watched as there was not much movement in the markets as we continued to chop around $450 for the first 45 minutes, but as the markets did start to prepare for close, we watched as $SPY consistently push into close, with $SPY moving up nicely into close, making an official high of the day 4 minutes before closing at $450.86.
We ended the day with $SPY trading at $450.71, up $3.90 for the day, or up approximately 0.87% with an intraday bullish movement of +0.45%. It was a great day for the markets, which was extremely difficult to trade. I can’t lie to you all, I personally had an extremely difficult time trading yesterday, and I hope you all were alright while attempting to trade and scalp yesterday.
Let’s see what the markets have in store for us today, but these conditions are not looking the best as I am writing this report, and let’s be optimistic and hope for the best, but be realistic and understand the current conditions we are in. Tread lightly on these market conditions and prepare accordingly!
Thoughts & Comments for Today, 8/08/2023
Today looks like it’s going to be a tough day for the markets. I don’t want to be the guy that is overly bearish, but with this pre-market movement, I am not too optimistic about these market conditions. I am expecting to see a significant amount of bearish momentum in the markets and chop around the daily baseline support level until we ultimately decide on which direction we go in the greater markets, but with everything going on at the moment, I am pretty confident that we continue to sell off throughout the day. There is a good chance that the markets recover and move up accordingly to chop around the daily baseline support, but there is a higher likelihood for the markets to continue to come down and sell off today.
This is going to be one of the few days that I personally am not anticipating entering into too many positions as active trading will be difficult. I personally do have a lot of positions that are higher risk right now, as in the case the markets go down, lots of tech plays will get hit heavily. I personally am allocated more into general bearish allocations in the markets right now as well as organizations that should hold extremely well in the case the markets sell-off. You all know my personal sentiment against allocating heavily to higher-risk tech stocks at the moment, and I do not anticipate allocating to these anytime soon. But on the flip side, if I do decide to get into anything, I will be allocating more into higher risk tech stocks for scalps, as they have a higher likelihood of being profitable in a short period of time and will only enter into those positions when I have a significant amount of confidence in the play.
If we have a day where $SPY closes under the daily support level, that is going to be a major sign of weakness in the markets. /NQ is already under that support level, so it is just a matter of time before /ES & $SPY follow suit.
Prepare for the worst, but be optimistic and hope that the markets continue to move up accordingly. Follow the momentum and do not fight any trends. There will be great opportunities to trade in the markets today, and there will be many opportunities to get absolutely burnt. Lots of people will have an extremely difficult time remaining consistent in these market conditions which will result in the best of traders realizing a significant amount of gains in a short period of time, and a lot of retail traders ultimately getting burnt over the next couple of weeks as a result of bad allocations, improper sizing, or over-trading. Just continue being smart in these conditions and do what you can to minimize your downside risk!
If you want to watch any of my allocations, they will be posted live in the HaiKhuu Discord.
HaiKhuu Proprietary Algorithm Report:
Yesterday was an interesting time for the algorithm. The long-term portfolio lead the charge yesterday with some solid picks. We underperformed against $SPY slightly, but our fundamental analysis beat out our technical analysis. This is unfortunate but it is just a part of being in the markets. We always hope that the fundamental analysis beats the markets, and the technical analysis outperforms on top, this is obviously not the case yesterday, but C’est la vie!
To get an in-depth analysis of our algorithms' performance, check out Asher’s Report!
The results of yesterday are as followed:
Baseline:
$SPY: +0.45%
Our Results:
Long-Term Portfolio: +0.39%
Variable Sector Neutral: +0.38%
Base Algorithm: +0.25%
Variable Market Neutral: +0.25%
Market Neutral: +0.14%
Sector Neutral: +0.05%
With the markets falling during this pre-market session, I would be cautious in advising heavy allocations today in these positions. Look to cherry-pick the positions you believe are best, and go from there. Lots of people will have a difficult time trading, so if you look to take on any of these trades, practice safe risk management and do what you can to maximize your profit potential while minimizing your risk to the best of your ability!
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 8/08/2023
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 , $NVDA, $RIVN, $TSLA, $AAPL, $MSFT, $DIS, $MAT, $SPOT
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
Long-Term Investment - $DIS
Economic News for 8/08/2023
NFIB Optimism Index - 6:00 AM ET
Fed’s Harker Speaks - 8:15 AM ET
US Trade Balance - 8:30 AM ET
US Redbook YoY - 8:55 AM ET
US Wholesale Inventories - 10:00 AM ET
NY Fed Q2 Household Credit Report - 11:00 AM ET
Notable Earnings for 8/08/2023
Pre-Market Earnings:
United Parcel Service (UPS)
Eli Lilly & Co (LLY)
Datadog (DDOG)
Barrick Gold Corp. (GOLD)
Li Auto (LI)
Novavax (NVAX)
Under Armor (UAA)
Duke Energy (DUK)
Restaurant Brands International (QSR)
After-Market Earnings:
Rivian Automotive (RIVN)
AMC Entertainment (AMC)
Upstart Holdings (UPST)
Supermicro (SMCI)
Twilio (TWLO)
Marathon Digital (MARA)
Celsius Holdings (CELH)
SoundHound AI (SOUN)
Dutch Bros (BROS)
Take-Two Interactive (TTWO)
Wrap up
Overall, this is going to be an extremely interesting day for the markets. Prepare accordingly for these market conditions, practice safe risk management, and do what you can to maximize your profit potential. Watch out for the opportunity to catch some upside momentum, and prepare for some possible selling off. This should be a fun day with lots of opportunities to trade, and many more opportunities to get burnt. Be smart, realize some gains, and don’t be greedy!
Good luck trading, and let’s make some bank trading today!