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LVS Beats Earnings, Stock Stumbles!
Posted by Blain Reinkensmeyer
November 2, 2006 at 12:07 pm
Alright, I hate to say this, but read my post from earlier this week on CAUTION regarding LVS EARNINGS before reading the next paragraph :p.
Las Vegas Sands (LVS) reported stellar earnings yesterday after the bell, posting a 21 percent rise in net income amongst other details (read more at yahoo finance). Regardless of the positive results, the stock has slipped throughout the day thus far, and the stock is currently down about 5.5% to just above $72. The major sign in my eyes that could have called this tumble is in the jump in short interest.
Looking forward, buying around $71 into the 50 Day Moving Average is good spot as that is the next big technical support point. Volume is already above 2 million on the day, and new intra-day lows were just met about 2.5 minutes ago.
Happy Hunting!
Interesting , but you must remember the technical analysis trap. Chart trading is way for large investors to take advantage of smaller investors. Just a public service announcement.
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