The 12631 Trading Service has been all over the Las Vegas Sands short trade, with multiple members in on the bear case.
As you can see, the stock is breaking below well-defined support today and confirming a major topping out pattern.
Going forward, I am viewing all major casinos, especially Sands, as shorts into weak bounces.
In particular, as long as $71.10 now acts as resistance I am seeing multi-quarter top now confirmed for Sands.
The pattern projects a move into the mid-$50’s.
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Hi Chess, what do you mean by a multi-top quartet and how would I identify it? I’m trying to improve my chart skills, and appreciate all your insight. Thanks.
It was a spelling error: “multi-quarter top.” I will discuses it at length in video recap tonight–better than typing it out here.
Would you wait for bounce or get a taste here?
bluestar–I’d build the position. Short common or buy part of the puts here, then seek to add into bounces.
Thanks
Thank you sir my beak is wet.
As you know, I’ve been all over CZR as a short inside 12631 for the last year…stay with it, it’s not done going down yet!
Yes you have, sir. Great work. Hope you had a good WSOP.
I only had time for one tourmanet this year due to scheduling and I went out right before dinner on a terrible beat. Although after watching that AA vs AA hand the other day, it doesn’t seem so bad. Been holding up well at the cash games lately, which is just fine for me.
Nice!
For a domestic play, eyes on BYD. Tanked on earnings.
Also MGAM, supplier to casinos which looks sick as well.