Bet the House!

• Posted by Greg Harmon
• on October 1st, 2012

Yes we have ZIRP (Zero interest rate policy) going on forever and QEvermore to prop up stocks. But if the broad market is being pumped up what could be better than betting on the casinos! As it turns out the charts of Las Vegas Sands, $LVS, and Wynn Resorts, $WYNN, are set up for big moves to the upside. Take a look.

Las Vegas Sands, $LVS

Las Vegas Sands, is rising back to toward resistance at 48, consolidating under the 200 day Simple moving Average (SMA) at 47.38. It has a bullish Relative Strength Index (RSI) that supports further upside movement and a break of consolidation carries a target of 55 on a Measured Move higher and no real resistance until the previous high at 60..

Wynn Resorts, $WYNN

Wynn Resorts, tested above the resistance at 116.50 Monday and then pulled back, printing a Shooting Star candlestick. this is a bearish reversal candle if confirmed with a lower close on Tuesday. But it is still in a bullish uptrend with a potential bull flag breakout until then. A move over 116.50 carries a target on a Measured Move to 133. The RSI is bullish but a tad bit overbought (getting extended). This can be worked off through time or a correction but the Moving Average Convergence Divergence indicator (MACD) looks to be avoiding a cross to negative. Wait for a close over 117 to enter long.

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Dragonfly Capital Views Performance Through September 2012 Expiry

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The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.

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