Wednesday Morning

Gator's Chart of the Day: LVS

Las Vegas Sands has been diving since early April and it may not be done yet as it is still above the triple bottom support line but I think there is a short term opportunity here.

LVS Daily Chart (since April)

LVS reports earnings on July 23 so this is a trade I expect to take off (maybe keep a little) before then.  There was better than expected chatter in the WYNN report after market today about Macau not being as bad as had been expected.  I think this is excellent news for LVS and could move the stock on an oversold bounce.  This will be a low risk trade as the stop can be very tight.

The Trade
I will look for an entry shortly after the opening rotation (15-25 minutes) and take a 1/2 position with a stop just below 39.  The low for the last 4 sessions is 39.03 and that appears to be well defined short term support.  If the stock moves higher I plan to add as it passes 41.10.  I don't plan to hold more than a partial position through earnings.  I think the stock can reach 45.50 in the next few days.  That would be a risk/reward of about 1.20 down and 5.00 up.