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Vegas Bears Caught in a Rundown

The monthly chart of Las Vegas Sands is one that i have referred to periodically in this blog over the years. The jaw-dropping crash from roughly $150 down to a $1 handle during the 2007-2009 bear market had many thinking the major casino operator was on the brink of going out of business. However, a sharp snapback off the March 2009 lows put those fears on the backburner.

Over the next few years, we saw a textbook psychologically progression after a crash and subsequent snapback–A flattening out period where each bit of bad news was absorbed increasingly better. As a result, Sands is still holding the lion’s share of its bear market bottom snapback rally. Plowing through $60 is sure to get bulls increasingly giddy for a multi-year base breakout.

Earnings are coming up soon, but as long as $36 holdsĀ the double-dip Vegas bears are caught in a rundown here regardless.


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One comment

  1. Blind Read Ant

    Hail $CZR (too).

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