Intra-Day Update – Shorting LVS
Since Mole has been stepping up his game on the blog here since the “crash” in his clout, and I am sitting on heaps of cash since about 10:00 this morning,I have been watching LVS for a re-entry here lately. I grabbed a nice short position on the 19th, right before close (illustrated by the blue circle). When LVS was up nearly 6% today while the markets have been churning around their bottoms, I found a nice entry. LVS had poked outside the 2.0BB on a very small timeframe, and had pushed into the proper fib retracement levels. I grabbed a partial at the second blue circle on the chart.
I am eyeing the OCT 35 Puts…
I am waiting for a break in the orange uptrend line before I grab the rest of my position, and I thought I would put it in front of you too. I checked yesterday, and a 10-day ATR on LVS rung in at 4.57, yes, roughly 15% a day. Boys, it is a mover, and the front month IV is fairly high. IF it moves in our direction, you need not worry, but a move against you will likely push your limits. Follow me into the Abyss at your peril….I’ll see you at the gates!