Wed March 30, 2011
Yes I am quite aware that the DOW Industrials, Transports, and Utilities are moving up again, South Korea as well and if Goldman could buy North Korea it might also be going up. But….
Here is the one graph we have for you tonight.
Las Vegas Sands Corp., together with its subsidiaries, develops multi-use integrated resorts worldwide. It owns and operates The Venetian Resort Hotel Casino, The Palazzo Resort Hotel Casino, and The Sands Expo and Convention Center in Las Vegas, Nevada; and the Sands Macao, The Venetian Macao Resort Hotel, and the Four Seasons Hotel Macao, Cotai Strip in Macau, the People’s Republic of China. The company is also developing Marina Bay Sands, an integrated resort in Singapore; and Sands Casino Resort Bethlehem, an integrated resort in Bethlehem, Pennsylvania. Las Vegas Sands Corp. was founded in 1988 and is headquartered in Las Vegas, Nevada.
This past few days the WSJ ran an article on the NASD attempt to make a bid for the NYSE Euronext. The point was that the NASD was making a mistake, the deal is all about derivatives, the NASD is not about derivatives. But the headline said it all, A Deal, Any Deal.
Our point is that risk taking has returned. Never mind that we pointed out that dividends are below 3%, that p/es are over 20 to one, that Chaos Stan stretches from Libya to Tadkistan. The world is back to gambling. Please take the time to read the description of LVS I extracted from finance.yahoo. RSI has held at the 50%level, I could be wrong, but I doubt it. Why, let’s extend our look.
Same company, different time frame. Now what do you think?
MACD peaked along in November along with emerging markets. The volume on LVS really go going when it was cheap, below $10. As you can see, the moving averages are coming to High Noon, will the 50 cross the 200, I doubt it. Note that volume is this stock is decreasing as the price increases.
This past weekend we allowed that the weekly A/D NYSE line was still headed up. We also stated that we would rather buy TLT and short new highs than go long here.
The move up from next to nothing to $50 is an echo of the move up to $150 in 2007.
Art Cashin says to stay nimble, I say to stay out. No one was buying at Dow 7,000, now at Dow 12,000 everyone cannot wait to buy more GOOG, APPL, PCLN, CRM
A June High is expected.
Comments