LVS – Put Entry
I bought 20 Dec 47 puts on LVS for 2.12. This goes away from some of the bullish trades I have been eying but the bearish setup for LVS is similar to that of yesterday for IBM. The gap down in casino stocks earlier this week was due to shady dividend assignments and I suspect greater selling to come. I will reassess the position if the stock moves above $46 and I am looking for about a 10% drop if the market pulls back with it. If the market continues to rise, LVS may be stale money but I like the risk/reward setup.