HaiKhuu Daily Report 8/30/2023
Good morning and happy Wednesday! I hope you all are feeling amazing after the insane bullish momentum we’ve seen in the markets yesterday and were able to capitalize on that momentum.
What an amazing time and what a beautiful day.
With the insane bullish momentum we saw yesterday, we have broken above the daily cloud resistance, and daily baseline resistance, and have shown signs of a reversal from a bottom. This is an amazing sign for the general markets, but does bring some fear back into our lives. Yes, this is a beautiful movement with a significant amount of opportunity in the markets, but this should be the least of our concerns in the short term. With this quick rally, we are either going to continue moving up, and people are going to look like idiots for not buying at the bottom, or people are going to FOMO into the markets, and look like an idiot buying at the top.
Regardless of the situation, this is going to be a difficult time to navigate the markets, so do what you can to maximize your profit potential, and what you can to increase your profitability at this time. But at the same time, look to minimize risk and make some smart allocations right now. All traders are able to realize gains while the markets are moving up, but only the best traders will be consistent while there is high risk in the markets.
Please prepare yourself for any possible downside, but maximize your upside potential right now. Understand that these market conditions are extremely risky to navigate, but those who are taking on risk, are the ones who are going to be able to realize the most gains.
Good luck trading and let’s make some bank!
The updated $SPY daily levels are as follows:
Conversion Line Support: $441.23
Base Line Support: $446.23
Weak Psychological Resistance: $450
Strong Psychological Support: $440
Daily Cloud Support: $448.03
Thoughts & Comments from 8/29/2023
Yesterday was an absolutely beautiful day for the overall markets. It was extremely difficult losing money yesterday, mostly with the beautiful movement on pretty much everything.
$SPY started the day trading relatively neutral, opening the day at $442.62, down slightly from the previous close, but relatively neutral throughout the pre-market session. Right from market open, there was a significant amount of bullish momentum that could have been capitalized on with relative confidence. $SPY did drop slightly to make the official low of the day trading at $442.46.
We pushed up the entire morning leading into economic news, where we did see a slight dip with $SPY going from slightly above $446, to right below $446, and watched as the markets continued to rally into the lunchtime lull. The lull itself was not amusing at all, but the results afterward were beautiful.
There was not much momentum left in the markets as the majority of the bullish momentum was in the morning, but we did continue to see a beautiful movement as a result of consistent buying into the end of the day.
During power hour, we watched as the markets continued to slowly trickle up, making the official high of the day trading at $449.45, and watched as it came down slightly into the market close.
We ended the day with $SPY trading at $449.16, up $6.40 for the day, or up approximately 1.45%, with an intraday bullish movement of +1.47%. It was a beautiful day for the markets, with many great opportunities to actively trade. I hope you all followed the momentum in the markets and were able to realize some significant gains as a result of this. This has been one of the nicest bullish movements up we’ve seen in the markets on an intraday basis in multiple weeks, and I hope you all took advantage of the momentum in the markets as it completely snuck up on us.
Let’s see what the markets have planned for us today, and hope that this momentum continues!
Thoughts & Comments for Today, 8/30/2023
Today is going to be a tough time for the markets. I cannot lie to you, there is going to be a significant amount of confusion in the markets right now. With the bullish sentiment in the markets as a result of the movement yesterday, a lot of people are going to be extremely optimistic and want to continue buying and purchasing with the idea that the markets are going to continue to move up today, but at the same time, there is a significant amount of risk attempting to buy here, as the markets are primed to fall.
I would not attempt to fight this momentum in the markets, but I would not attempt to be hyper-bullish right now. My best recommendation is to simply follow the momentum in the markets, and capitalize on what you can at this point. The movement of yesterday was the movement of yesterday, and what happens today, will be what happens today.
If you are in some solid positions, hold them and let them continue to run their course throughout the day, and if you are trying to catch this movement up, I would highly recommend you stick to actively scalping and trading. I would not advise allocating long into the markets right now, as there is a significant amount of downside risk.
I hope you all have been capitalizing on the opportunities and momentum in the markets right now, as there is some solid potential and opportunity. Just please be extremely careful right now. There is a lot of downside risk in the markets right now, mostly with us breaking through major resistance levels yesterday. With the movement that we’ve seen, we can easily break through and reject the next resistance levels and come down accordingly to break down. I do not believe this will happen in the short term, but this is 100% a risk that you have to consider in these market conditions.
Market conditions are looking good right now, I cannot lie about that… But I would advise relative caution mostly right now, just for safety’s sake.
Personally, I do not know how much trading I will be actively doing today, I think this is going to be one of those days that I sit back and relax despite the confidence in the markets right now, as even though conditions are beautiful, I am not confident enough in this overall movement to justify allocating heavily into the markets. This is going to be a good time, but participating is going to be extremely difficult. I may start adding more towards long equities soon, but just know that I do not anticipate actively trading too heavily, nor want to attempt to allocate too heavily in these market conditions. If I get into any plays, they will realistically be more active day trades and scalps, where I can make some quick money with ease, rather than force positions I am not comfortable or confident 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 a tough day for our systems while the markets were absolutely ripping. I am excited to see what happens today, but I am not happy with the results of yesterday. Days like yesterday are the reason I personally am not comfortable endorsing the algorithm right now, as we should have hypothetically profited more than $SPY. C’est la vie, that is why we are on a tentative hold on our algorithm while we work on improving our systems. We will continue to provide our results and entries for complete transparency and consistency but do not endorse any of these allocations at this time.
To get an in-depth analysis of our algorithms' performance, check out Asher’s Report!
The results of yesterday are as follows:
Baseline:
$SPY: +1.47%
Our Results:
Base Algorithm: +0.45%
Long Term Portfolio: +0.3%
Variable Market Neutral: +0.29%
Market Neutral: +0.01%
Variable Sector Neutral: -0.05%
Sector Neutral: -0.3%
As I said before, we are still not endorsing these allocations as market conditions have not shifted in the short term and we are still not comfortable with the inconsistencies of the algorithm. We highly recommend you take these with a grain of salt if you are considering any of these positions, and recommend you look at it more so as a confirmation bias on a watchlist of tickers you are interested in, than a list of tickers we recommend you enter.
These positions are all valid from our old testing systems, but we do not endorse these. These are presented for transparency and consistency's sake, so please be careful and limit the risk if you decide to enter into any of these positions.
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 8/30/2023
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, $TSLA, $MSFT, $AAPL, $DIS , $MAT , $VRA*, $VFS*
Position Opportunities:
Follow the momentum in the markets
Exit all positions you are not comfortable holding
Watch for a breakdown
Hold cash to allocate accordingly at the bottom
LONG OPPORTUNITIES:
Long-Term Dividend - $GAIN / $JEPI
Long-Term Investment - $DIS
Economic News for 8/30/2023
ADP Employment - 8:15 AM ET
GDP (Revision) - 8:30 AM ET
Advanced Retail Inventories - 8:30 AM ET
Pending Home Sales - 10:00 AM ET
Notable Earnings for 8/30/2023
Pre-Market Earnings:
Vera Bradley (VRA)
BioLineRx (BLRX)
Conn's (CONN)
MasterCraft Boat Holdings (MCFT)
Fanhua Inc. (FANH)
After-Market Earnings:
CrowdStrike (CRWD)
Salesforce (CRM)
Okta, Inc. (OKTA)
Chewy (CHWY)
Veeva Systems (VEEV)
Five Below (FIVE)
Victoria's Secret & Co. (VSCO)
Wrap up
Overall, this should be an interesting time for the general markets. I am assuming there will be a significant amount of chop and risk in the markets today, so be smart and safe, but look to maximize your profit potential when given an opportunity to do so. Make sure to practice safe risk management, but this should be a great time actively trading today, so let’s make some bank and have a great time!
Good luck trading today, and let’s kill it today!