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Joshua Brown

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chessNwine

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chessNwine is a full-time stock trader and market commentator. He focuses his analysis on the technicals and psychology behind the market. He is an equity partner of iBankCoin.com, and is Co-Director of the 12631 premium trading service.

Vegas Stocks: The House Always Wins

Posted on 01/22/13 - 02:13 PM EST

The monthly chart of Las Vegas Sands is one that i have referred to periodically in this blog over the years. The jaw-dropping crash from roughly $150 down to a $1 handle during the 2007-2009 bear market had many thinking the major casino operator was on the brink of going out of business. However, a sharp snapback off the March 2009 lows put those fears on the backburner.

Over the next few years, we saw a textbook psychologically progression after a crash and subsequent snapback -- a flattening out period where each bit of bad news was absorbed increasingly better. As a result, Sands is still holding the lion's share of its bear market bottom snapback rally. Plowing through $60 is sure to get bulls increasingly giddy for a multi-year base breakout.

Earnings are coming up soon, but as long as $36 holds the double-dip Vegas bears are caught in a rundown here regardless.

THE BLOG: http://ibankcoin.com/chessnwine/2013/01/22/vegas-bears-caught-in-a-rundown/

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