The casino stocks showed great buying pressure in today’s price action with LVS, MGM and WYNN all make new 3 month highs. I follow LVS the closest which had a great morning session with a strong ORB which continued as the SPY continued to make new highs for the first 3 hours of the morning. Of course the frist profit target one could expect from the OBR of LVS was the daily and hourly Res around the 22.40 area, which LVS broke through and continued higher to test the 23.00 figure. The interest move came in the afternoon session where trading became very stock specific as the SPY was not able to make new highs. LVS gave us great point to manage risk which was a break above the 23.00. This trade did require patients and execution of our trading plan, you don’t know which one will workout.
