{"id":11325,"date":"2011-05-04T11:59:53","date_gmt":"2011-05-04T15:59:53","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=11325"},"modified":"2011-05-04T11:59:53","modified_gmt":"2011-05-04T15:59:53","slug":"buying-a-pullback-lvs","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/buying-a-pullback-lvs","title":{"rendered":"Buying a Pullback (LVS)"},"content":{"rendered":"<p>LVS gapped down from 45.40ish to near 40 in the premarket and then recovered some.<\/p>\n<p>From Bloomberg.com<\/p>\n<blockquote><p><a title=\"Get Quote\" href=\"http:\/\/www.bloomberg.com\/apps\/quote?ticker=LVS:US\">Las Vegas Sands Corp. (LVS)<\/a>, the U.S. casino company expanding in\u00a0<a href=\"http:\/\/topics.bloomberg.com\/asia\/\">Asia<\/a>, reported first-quarter sales and profit rose less than analysts\u2019 estimates on lower winnings from table games in Nevada. The shares fell in late trading.<\/p>\n<p>Net income climbed to $289.3 million, or 28 cents a share, from $17.6 million, or a loss of 4 cents a year earlier after preferred dividends,\u00a0<a href=\"http:\/\/topics.bloomberg.com\/las-vegas\/\">Las Vegas<\/a> Sands said today in a statement. Profit excluding items was 37 cents, less than the 44-cent average estimate of 22 analysts in a Bloomberg survey.<\/p>\n<p>A low hold at Las Vegas table games hit cash flow, the company said. Sales jumped 58 percent to $2.11 billion, reflecting the opening of the $5.5 billion Marina Bay Sands casino resort in<a href=\"http:\/\/topics.bloomberg.com\/singapore\/\">Singapore<\/a> starting in April 2010. Analysts had projected sales of $2.14 billion, the average of 18 estimates.<\/p><\/blockquote>\n<p>43.30ish was resistance intraday in LVS. \u00a0It had trouble there in the premarket. \u00a0It failed there once after accumulation at and around 43. \u00a0The intraday high had been 43.39. \u00a0And then the psychology of LVS changed for me on the open.<\/p>\n<p>LVS made a new high clearing 43.39. \u00a0I expected these likely patterns: breakout to new highs or the buy the new high program. \u00a0It appeared to me that someone tried to fade the new high putting on the sell the new high program but then a bigger buyer just sat there and took everything he could at 43.4o. \u00a0LVS made a new high, didn&#8217;t go down, and then ticked higher. \u00a0This was a momentum trade opportunity for traders. \u00a0But this trade is not the focus of this blog.<\/p>\n<p>LVS traded up towards the next logical resting area of 44. \u00a0Failed there. \u00a0And then pulled back quickly to 43.40. \u00a0Here I have to buy the pullback. \u00a0LVS is trending up intraday. \u00a0It traded back to a very important price that it exploded upwards from earlier. \u00a0Also, this is the price where many gained confidence that the next move was higher.<\/p>\n<p>The execution of this trade can make all the difference. \u00a0When you buy into a pullback you must give the stock some more room. \u00a0So if you are buying into the 43.40 support area you cannot place your stop at 43.39. \u00a0The stop is if LVS is clearly holding below 43.40 or perhaps touches a price that so indicates, like 43.25. \u00a0 The exit if LVS trades in your favor is a move through 44.<\/p>\n<p>LVS approached 44 again. \u00a0I had expected a squeeze to the 44.30 level. \u00a0Didn&#8217;t happen. \u00a0We got a measly peak above the 44 level to like 5-7c. \u00a0Then there was a battle at 44. \u00a0A buyer was trying valiantly to hold this offer. \u00a0He couldn&#8217;t. \u00a0The bid dropped. \u00a0This for me is an exit to flat or at most 1\/3 of a long position.<\/p>\n<p>You may notice that LVS traded much lower after this trade. \u00a0That poor move through 44 may have been our foreshadowing. \u00a0Near 10am and ready for reversal time was also a consideration. \u00a0At that moment in time our 43.40 level was an excellent risk\/reward opportunity that paid us. \u00a0As traders our job is just to make excellent risk\/reward trades based on the information we have. \u00a0In fact when LVS failed the 44 level Steve and I were gchatting about GMan fading for a short. \u00a0I could write a whole blog post on how this was an excellent trade as well. \u00a0Perhaps you can make this pullback trade your own.<\/p>\n<p>Mike Bellafiore<\/p>\n<p>Author, <a href=\"http:\/\/www.amazon.com\/One-Good-Trade-Competitive-Proprietary\/dp\/0470529407\/ref=pd_sim_b_1\">One Good Trade <\/a><\/p>\n<p style=\"text-align: center;\"><a href=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2011\/05\/lvspullback.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-11326\" title=\"lvspullback\" src=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2011\/05\/lvspullback.png\" alt=\"\" width=\"496\" height=\"416\" srcset=\"\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2011\/05\/lvspullback.png 709w, \/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2011\/05\/lvspullback-300x251.png 300w\" sizes=\"auto, (max-width: 496px) 100vw, 496px\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>LVS gapped down from 45.40ish to near 40 in the premarket and then recovered some. From Bloomberg.com Las Vegas Sands Corp. (LVS), the U.S. casino company expanding in\u00a0Asia, reported first-quarter sales and profit rose less than analysts\u2019 estimates on lower winnings from table games in Nevada. The shares fell in late trading. Net income climbed to $289.3 million, or 28 &#8230; <a href=\"https:\/\/www.smbtraining.com\/blog\/buying-a-pullback-lvs\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":144,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[1774,81,1193,653,1354,1349],"class_list":["post-11325","post","type-post","status-publish","format-standard","hentry","category-mike-bellafiore-bellas-blogs","tag-buying-a-pullback","tag-smb-training","tag-trader-education","tag-trader-training","tag-trading-coach","tag-trading-mentor","no-post-thumbnail"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.1.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Buying a Pullback (LVS) | SMB Training<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.smbtraining.com\/blog\/buying-a-pullback-lvs\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Buying a Pullback (LVS) | SMB Training\" \/>\n<meta property=\"og:description\" content=\"LVS gapped down from 45.40ish to near 40 in the premarket and then recovered some. From Bloomberg.com Las Vegas Sands Corp. (LVS), the U.S. casino company expanding in\u00a0Asia, reported first-quarter sales and profit rose less than analysts\u2019 estimates on lower winnings from table games in Nevada. The shares fell in late trading. Net income climbed to $289.3 million, or 28 ... Read More\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.smbtraining.com\/blog\/buying-a-pullback-lvs\" \/>\n<meta property=\"og:site_name\" content=\"SMB Training Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/smbcap\/\" \/>\n<meta property=\"article:published_time\" content=\"2011-05-04T15:59:53+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2011\/05\/lvspullback.png\" \/>\n<meta name=\"author\" content=\"Bella\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@smbcapital\" \/>\n<meta name=\"twitter:site\" content=\"@smbcapital\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Bella\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" 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