HaiKhuu Daily Report 8/10/2023
Good morning and happy Thursday! This week has flown by and has been a wild time for the markets! Hope you all are doing well and are excited about today!
$SPY is up nicely at the time of writing this report and is providing us with many opportunities to get chopped around and have confidence in the markets. We are back above the daily baseline support level and are going to continue to chop in this area until there is any sort of decisive movement in whichever direction we are picking.
There is a lot of buying at this level that does provide confidence in the markets, but at the same time, we’ve broken and closed below that level numerous times, which is exhausting the support that is there. It is just a matter of time until that support has broken down, or we eventually break out. It is genuinely a coinflip on which direction we decide to go, and when it happens. For now, continue to expect a significant amount of chop in the markets and opportunities to actively trade. This will be a fun yet confusing time in the markets, so take advantage of the opportunities that are available to us, and make the most of it!
Good luck trading today and let’s see what today has in store for us!
The updated $SPY daily levels are as followed:
Conversion Line Resistance: $451.56
Base Line Support: $448.25
Weak Psychological Resistance: $450
Thoughts & Comments from 8/09/2023
Yesterday was a tough day for the overall markets that was extremely difficult to navigate with confidence. We started the day off looking relatively neutral, but at least we were green for the morning. $SPY opened the day trading at $449.00 and quickly moved up to make the official high of the day trading at $449.19. After that though, we went on what was an insane ride throughout the day.
$SPY started off slowly, selling off right under the previous close, not showing much bearish momentum, but was consistently testing the daily support line we have been talking about. But once $SPY broke below that level, we saw a significant amount of selling in the process. From 10:40 am EST all the way until lunch, we just saw straight bearish momentum in the markets, where $SPY dropped roughly 0.7%, made the official low of the day trading at $449.97, and looked extremely weak at the bottom.
As people started to come back into the markets though, there was a nice amount of buying, where the markets recovered all of the losses incurred, and we went green again for a brief moment right before power hour. The positive movement up was beautiful and provided us with an amazing opportunity to ride the V-shaped movement back up.
But just as you expect in these choppy market conditions, we sold off and sold off hard during power hour.
All of the gains that were recovered, were lost again as the markets sold off. As the markets started to sell, the momentum picked up, and we saw a significant amount of selling in just the final 15 minutes of the day before it slowed down.
We ended the day with $SPY trading at $445.75, down $3 for the day, or approximately 0.67%, with an intraday bearish movement of -0.73%. It was a tough time for the markets with that much movement on an intraday basis where it was difficult timing out positions with confidence, and difficult to hold positions as there would be so much movement against you.
Continue to be smart in these market conditions, watch out for shifts in the momentum in the markets, and be fluid with your positions. This has been a fun, yet confusing and difficult time, but as long as you make the most out of the opportunities presented to you, it will be a great time.
Thoughts & Comments for Today, 8/10/2023
Today is going to be another interesting yet confusing day for the markets. We have economic news coming out during the pre-market session, so please just note that this was written before those came out and impacted the markets heavily.
At the time of writing this report, $SPY has started to slip down from the highs, and there is a good chance that we open around this baseline support on the daily, as I said before, there is economic news during the pre-market session that will ultimately decide on where we go, how heavily the markets move, and in which direction we take. Whichever direction we go, will be the sentiment going into open and will assist in knowing the momentum of the markets going into open.
I personally am expecting to see a continuation of these market conditions, where it is going to be extremely choppy in the short term, with us continuing to trade around this baseline until we pick a direction. As I’ve said before, I am seeing continued signs of bearish momentum in the markets that are heavily impacting people’s ability to trade with consistency and confidence. Markets are looking weak in the short term, but still are looking phenomenal in the grand scheme of things, which will provide us with opportunities to continue to capitalize on the larger scale movements in the markets while providing us opportunities to trade in the short term and actively scalp & day trade.
If you intend on trading today, just make sure to take into account the fact that the pre-market movement will dictate the momentum in the morning and that we are constantly bouncing off this support level. In the case we bounce, and if we push above $450 during the pre-market session, that is a sign of confidence in the markets, but in the case, we break below the daily support level and continue to slip during this pre-market session, we are going to be in for a hell of a ride.
Two numbers to consider right now, are the daily conversion line resistance, and the previous low of the day. If $SPY breaks above $451.56, that will be a lot of confidence in the markets. But at the same time, if $SPY breaks below $444.97, prepare to watch for certain death in the markets.
Personally, I already have a sizable amount of allocations in the markets that I am watching for specific reasons, and I do not anticipate adding much more at this time or selling many positions. But if an opportunity comes up for general allocations, we will have a great time in the process of everything. The only plays I will be looking for today, are active day trades and scalps when given an opportunity to do so, and will not be looking to allocate too heavily into plays that I do not have confidence in.
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 amazing day for the systems that we’ve created as a result of the fundamental analysis that has come from the solid portfolio that we’ve built. Everything beat the markets by a significant margin, and all of the wins of yesterday have come from the long-term portfolio. We are very happy with these results and are looking to continue to expand this success over time. We will say right now, with the market conditions being less than optimal right now as a result of this confusion in the markets, the systems we have in place are not performing at the level of consistency I would like, and we do not expect there to be a change in the sentiment nor performance until the markets settle down and ultimately pick a direction. Who knows how long that will take, it could be a day, it could be a couple of weeks. So please just be careful if you take any of these allocations and keep this in mind until we say otherwise.
To get an in-depth analysis of our algorithms' performance, check out Asher’s Report!
The results of yesterday are as followed:
Baseline:
$SPY: -0.73%
Our Results:
Market Neutral: +0.6%
Variable Market Neutral: +0.43%
Variable Sector Neutral: +0.4%
Sector Neutral: +0.35%
Long Term Portfolio: +0.3%
Base Algorithm: +0.25%
With today being choppy and there are no decisive moves in the market yet. I would advise caution prior to entering into any of these positions. These are all valid from a technical analysis standpoint, but I am not confident in the market, nor the algorithm’s ability to capitalize on this movement. So please, don’t take these positions with a grain of salt, but the whole Morton’s container. Practice safe risk management and only enter positions you have confidence in. Set stops to limit your downside risk and do not do anything that would put your account at risk right now.
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 8/10/2023
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 , $DIS, $RIVN, $TSLA, $AAPL, $MSFT, $NVDA, $RBLX
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 8/10/2023
Initial Jobless Claims - 8:30 AM ET
Consumer Price Index - 8:30 AM ET
Treasury Budget - 2:00 PM ET
Notable Earnings for 8/10/2023
Pre-Market Earnings:
Alibaba Group (BABA)
Novo Nordisk (NVO)
CyberArk (CYBR)
Ralph Lauren (RL)
Six Flags (SIX)
YETI Holdings (YETI)
HanesBrands (HBI)
US Foods Holding (USFD)
After-Market Earnings:
IonQ (IONQ)
Indie Semiconductor (INDI)
Zymeworks (ZYME)
Aurora Cannabis (ACB)
Arlo Technologies (ARLO)
Leafly (LFLY)
Phunware (PHUN)
Wrap up
Overall, this is going to be a fun day for the markets, just continue to watch the momentum, make some smart allocations and prepare for the worst, but hope for the best. There is going to be a lot of chop in the markets until we have a decisive movement in the markets, so be fluid and navigate the markets with confidence.
Good luck trading, and let’s see some blood in the markets!