Party in Vegas…LVS that is

gmanGilbert Mendez's (Gman's) BlogsLeave a Comment

Holy mac and cheese what a move yesterday! I have had a long bias for the last four or five sessions and can legitimately say that I hit the bottom yesterday. And wait for it… also got short down there for a good ripperoni round trip sandwich.

I missed the initial point up move from just having to deal with my overnights, in addition to hitting the bottom on LVS, MGM, BRK.B and SPYs all at once. Oh boy was that a rough morning. The market is so resilient it makes me sick. We were setup to actually have a down day but the buyers took control early in the session cleanly after trapping a lot of shorts…including me. Ripper.

But the day wasn’t over at 11am. I knew I was starting to lose my cool when I gracefully smacked my keyboard with a couple of fingers. I focused on my breathing to get back in the zone and bang. LVS gives me a trade. The sucker showed its strength and rested for about 20 minutes around 20.20 which was last Thursday’s key inflection point. I saw my trade and I loaded the boat.

The stock broke its long term resistance on the daily and weekly charts with some descent volume during yesterday’s session. Think we may still have 1-2 more bucks of upside before resting. Keeping an eye on MGM and WYNN to play catch up. Long MGM and LVS overnight. Interested in buying pullbacks on open on entire sector but will be aggressive to play continued strength.

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