I hope T/A portended this.
LVS @ 55.50... see what I mean when I say news trumps T/A?
Watch what happens when HD re-guides.
WYNN/LVS
- Thread starter vanzandt
- Start date
LVS @ 55.50... see what I mean when I say news trumps T/A?
Watch what happens when HD re-guides.
Of course it does not portend this. Nothing does. But that is why you have Risk Management rules and trailing stop losses in place. Stops are your safety net in these situations.
As we discussed yesterday about a theoretical sell-off on HD, shouldn't this be an opportunity for you to buy more? All things being equal? Answer that first. Don't read the next part yet.
________________________________________
The reason I said "all things being equal" is because (and I know you could care less about news but...) I think you are in for some news that could take one or both of these stocks much higher.
Japan is very close to approving integrated resorts, ie Casino's. The bill is in their equivalent of our Senate right now, the lower house (the Diet I think) has already passed it. Abe will sign it.
With Trump as President and Japan kissing his ass... I can only see good things ahead for these stocks. Japan will be the biggest most profitable casino operation ever. And its gonna pass.
Probably the type of investment one makes for the long haul. And a good trade too. Keep us posted as to when your tea-leaves say buy. But watch the news too. This ATM thing in Macau (I think) is an over-reaction more than likely.
http://webcache.googleusercontent.c...8b81dd5d080+japan+casinos&gbv=1&hl=en&ct=clnk
I am aware of Japan possibly adding casinos. However, again I don't trade the news. In a situation like today a properly managed trade would have a trailing stop loss that is triggered in this situation to either lock in profits or at worst minimize losses depending on entry price. That is not TA....just good trade management. TA does not tell you when these events like today will happen....NOTHING WILL PREDICT THE FUTURE. It is simply a tool for telling you what the overall sentiment of the market is CURRENTLY and what it HAS BEEN and gives you reasonable likely areas to buy and sell. Fundamentals look back at the last quarter and based on YOUR interpretation you decide to buy or sell. However, it does not tell you what is CURRENTLY going on nor does it tell you what OTHER people are CURRENTLY thinking about the company, which I would argue is what really matters.
The charts tell you all the news and what people think about that news as evidenced by the heavy sell off in LVS and other casino stocks that triggered my stop. I didn't need to scour all LVS news minute by minute nor did I need to interpret it nor did I need to care what the news was. All that mattered is what the market thought of the news.
So in this case the charts changed significantly for LVS today. I use multiple time frames when I trade. The hourly chart was obviously most heavily damaged. But the daily and weekly were also damaged but to a lesser degree. The daily and weekly time frames still show up trends but they are clearly weaker up trends than they were at the beginning of the day today.
IF I were to trade this again and BUY again I would expect a bounce somewhere between $51.79 and $52.92. This is a range of support that is clearly visible based on trend line support. IF I were to trade this I would look for strengthening of the hourly chart at these levels and when I see that I pull the trigger to buy.
However, with so many other opportunities out there and the time that this will likely take to settle out at that price range could take days to weeks. I can use my money to enter other trades that look stronger. I would rather trade when all 3 time frames look strong. I may not catch the bottom when I do that but I don't waste time and money trying to catch a falling knife.
So I will take my money and move on to a new trade. Don't marry your trades.
The charts tell you all the news and what people think about that news as evidenced by the heavy sell off in LVS and other casino stocks that triggered my stop. I didn't need to scour all LVS news minute by minute nor did I need to interpret it nor did I need to care what the news was. All that mattered is what the market thought of the news.
So in this case the charts changed significantly for LVS today. I use multiple time frames when I trade. The hourly chart was obviously most heavily damaged. But the daily and weekly were also damaged but to a lesser degree. The daily and weekly time frames still show up trends but they are clearly weaker up trends than they were at the beginning of the day today.
IF I were to trade this again and BUY again I would expect a bounce somewhere between $51.79 and $52.92. This is a range of support that is clearly visible based on trend line support. IF I were to trade this I would look for strengthening of the hourly chart at these levels and when I see that I pull the trigger to buy.
However, with so many other opportunities out there and the time that this will likely take to settle out at that price range could take days to weeks. I can use my money to enter other trades that look stronger. I would rather trade when all 3 time frames look strong. I may not catch the bottom when I do that but I don't waste time and money trying to catch a falling knife.
So I will take my money and move on to a new trade. Don't marry your trades.
Last edited:
LVS is up 8%, as I type this, and WYNN is up almost 5%. I got a couple Mar. $92.5's yesterday in the overreaction IMO but incase I was wrong I had time(4mos.) and small trade(3 calls)...no big deal either way. Bloomberg Asia said Macau Authority didn't change daily withdrawal limits and whales don't use ATM's anyway as it's UnionPay.
Up only 2.8% so far.. dead cat bounce?
Exactly. The 8% jump was all T/A.... the 1.2% gain when the dust settled was thoughtful analysis.
No opinion either way... just sayin... never bet the farm on T/A.