Each time it looks like the market is on the cusp of wiping out, buyers seem to appear to stem the tide, at least temporarily.
With this in mind, I shorted and then quickly covered a piece of my LVS short inside 12631 earlier.
The chart, along with the other major casinos, is in danger of topping out here. However, MGM earnings are tomorrow and that reaction could easily affect the space.
The conventional wisdom seems to be that we are rangebound. Thus far, we have teased a few breakdowns without a real plunge. Volatility remains benign, despite the carnage in many growth leaders.
I am taking my shots on the short side but trying to lock in partial gains when I find them.
A bit of the old, in-out, ultra-violence, if you will.
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