| Las Vegas Sands (LVS) -- Weekly |
This weekly chart shows how Las Vegas Sands peaked in early 2007. Since that time, it's fallen back to test the early November breakout above $75. The established concept of "prior resistance becomes current support" rings true here. As long as the prior resistance at $75 continues to attract buying interest from those who missed last year's move, then all is well. But if the stock falls below support, I think it could just as easily fall another $15 to test $60.
Updates on Previous Picks
- Assisted Living Concepts (ALC): The
short at $11.60 is starting to pay off, with shares closing at $10.97 Wednesday. The target remains at $9.50, but lower the stop from $11.90 down to $11.50.
- Arrow Electronics (ARW): The
entry at $40.90 was a bit early, but this short is working. The current stop is at $42.10, but lower that now to $41.75. Shares closed at $39.77 Wednesday.
- Continental Airlines (CAL): The
short entry at $33.40 was a bit premature, and the stock is now snapping back to test prior support. But the stop is at $36.50, and that's where it stays. Shares closed at $34.44 Wednesday.
- Goldcorp (GG): This
short idea was entered June 18 with a cost basis of $25, and the stock closed at $24.12 Wednesday. The current buy-stop is $26.05. But it's time to lower that to $25.15 to protect capital.
- Lam Research (LRCX): This one
hit the stop at $54.05 last Friday and was closed out.
- Mattel (MAT): This
short idea is getting close to the target of $25, but there is no reason to exit early. So lower the target to $23.85, and drop the buy-stop from $27.40 down to $26.10. Shares closed at $25.47 Wednesday.