A Team Effort in the Desert Sands

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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Courtesy of The PPT algorithm, here are the most current top five readings from my “12631 RELATIVE STRENGTH” custom-made screen, identifying which stocks are exuding some of the best performances to the market at-large at any given moment.

I look for stocks whose Daily PPT Hybrid Score surges, while the Weekly Hybrid has been negative over the past week. This can often yield stocks which are emerging from consolidations.

Members can click here to view and save the screen.

Sorted for at least 500,000 shares of daily average volume to ensure liquidity.

Please click on image to enlarge.

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As the market bounces a bit more into midday, note that the SPY is working through a more neutral sideways trading channel, highlighted below on the 30-minute timeframe for the actively traded S&P 500 Index ETF.

Also note that bulls are having a bit of trouble pushing up and over our key reference point this week—The declining 50-period moving average (dark blue line) on this 30-minute timeframe. A push over it likely unlocks a further bounce this afternoon. Another rejection, and look out below.

What are you trading this afternoon?

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With high yield corporate paper and junk bonds bouncing this morning, in addition to small caps outperforming again and Tesla acting like a leader waking up, I am not in a rush to put on n U.S. shorts here.

Instead, I am focusing on inter-market plays, such as wheat and natty, possibly SLV if it clears $19.25 upside, and maybe sone CORN if it can get out of its own way.

As far as equities, FB TWTR are probably two of the better bull flag setups I would consider on the long side.

I remain short Russia, however.

ZEN continues to be an under-the0-radar recent IPO worth keeping on your watchlists. This is a name we have mentioned previously, with the 12631 gang all over it.

Note the post-IPO technical base beginning to resolve higher today.

I am constructive on it going forward as long as $18.45 holds as newfound support.

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In fast food land, WEN is not he cusp of a major breakdown but has earnings on Thursday.

MCD YUM, however, have earnings out of the way and are quite weak in their own right.

YUM us a short idea based on the bear flag, below, threatening to break lower yet.

Which stocks are at the top of your watchlists this morning?
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