LVS bounces at mid-day

Like CNOOC (CEO), Las Vegas Sands (LVS) bottomed out, it seems, today. The stock plunged for a second day in a row early in the day to 121.95, then bounced to finish up almost a buck to 128.50. Wild ride, crazy roll and just like that, the pain of yesterday is all but forgotten. With revenues up only 55% in Macao, it appears that 128 is the right price for LVS today. The steep run up in the past few months is going to level off, and the all-time high of 145 (two sessions ago) could be quite distant in the horizon.

Today's volume of 7 million shares is the biggest on an up day since Sept. 18. I think the pain is over for now. The next key set of data comes out in six weeks regarding Macao revenues.

Pupule says: Buy. The stock is below its 10-day moving averages, above it's 50-day MA. No news, good or bad, in the near term. Funds could use this pullback as a buying opportunity, which is why I wouldn't be surprised if LVS is back at 145 sooner than later. I'd be prepared, however, to see the stock trade sideways and consolidate until mid-October.