Unlike many stocks which are extremely overextended, Las Vegas Sands (LVS) has been doing little the past 2 weeks. In fact it is on day 11 of creating a narrow base. From these bases we tend to get substantial moves - the question of course is in which direction. If the S&P 500 itself were not so extended, this would be a very appealing place to jump into the name... a close above $33 would be a nice signal that the stock might be ready to embark on a new run upward.
It broke over $33 today so I'm going to buy to add to my holding stake of 0.1%. Since my long exposure is so lacking I'll make this a large purchase of 3% exposure. I am hoping Las Vegas Sands announces a cloud computing initiative in the next week so it can double in value. Or maybe Hewlett Packard will buy it Monday since HPQ is buying one company every 3 days to distract us from the Hurd fiasco.
Until the broader market begins making some sense to me I'll just ignore it. I was sure this morning was the start of the "break out and then trap bulls" move... not so much.
Long Las Vegas Sands in fund; no personal position