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VIDEOLas Vegas Sands: Hey, Big Spender
Stock up, calls selling huge.
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Greetings from New York, where my obsession with Sandy (Las Vegas Sands (LVS)) shows no sign of abating. I sell some, jump back in and vow to hold, then get mornings such as this, where the stock is up over 10%, the calls (as my boy Professor Krueger observed) are selling huge, and I’m right back on the swing set at the drive-in theater, pining for the shares I’ve sold. And, fine, Danny broke up with Sandy because of peer pressure, and I’ve just been taking profits. Stop hassling my metaphors, and let me focus on the note I have to hit at the end of this song. Love and discipline hurt, that’s all I’m saying, okay?
Wait, I’m also saying that I’m selling, but still long, Sandy, Wynn Resorts (WYNN) despite staying quick on the trigger by taking profits in the gaps higher and ruing the shares I sold before this morning. Shorting here seems loonier than a Joe Biden screed, but maybe that’s just me. The objective ugliness of all these “better-than-expected” earnings reports suggests that today is more about squeezing the guts out of those betting against the 870-875 resistance than a fundamental bottom here.
So, I’m long, but in decreasing size. A born cynic who goes to church every Sunday. Maybe I’m a coward, and maybe I’m a crazy daredevil laughing in the face of danger by not running for the hills entirely, but that’s how I roll. I’m taking some profits, riding the subway, and in my ultimate stunt, tomorrow I’m going to ride in an airplane and start a speculative position in Priceline (PCLN).
Danger? That’s my middle name (it’s Algerian for “John” and Finnish for “Confused”).
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