Potential Long Trade in LVS
- stevenplace
- January 8th, 2009
This one is a pretty decent setup to trade to the long side, provided the price comes back to support. See chart:
The highlighted area is where price stayed at for a significant period of time. If the price ever comes back to that level, we should see some form of support. The one problem I see is the lack of volume when it was in that 575-600 range, but the trade should work. If the stock breaks below that, it would be prudent to take a loss and possibly flip to a short if you’re comfortable with that.
I’m currently long LVS but I sold Feb 10 calls against it when I saw price stalling. I’ll probably uncover half around that area. My overall price basis is nice since I got in near the bottom and have been selling calls against it for a while now.
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Tickers: lvs
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