4/30 - Day/swingtrades - LVS

Scanning the charts at the open, I just had a feeling that folks would be selling into the strength. We've been overbought for quite some time and it usually takes one of these gap opens to the upside for the institutions to sell into the strength as the retail trader gets sucked into the last gasp euphoria. Also, a lot of charts were showing double-tops with diverging MACDs. I'm always on the lookout for these on gap open days. Below are a couple obvious examples. Unfortunately, despite the gameplan to fade the strength, I just couldn't get myself to trade the setups with the Dow/Spy positive for most of the day. Time to recharge and clear out the bullish mental blocks in case the weakness carries through over the next few trading sessions.

LVS - Too bad I had sold half the position yesterday but LVS gapped open this morning. As I mentioned above, after the momentum the past few days, I was looking to sell into the strength. I closed out the position @ 8.90. I would normally place a stop at the opening range low but check out the 2nd red hammer bar which took LVS down to $8.40. It reversed so quickly that I didn't even get a chance to place the stop so I decided to switch to the 1-min chart and sold when the stock started fading during the next bar. Also, LVS actually traded up to $9.60 in pre-market but that is the downside of options, you can't unload them during the pre and post-market excitement. No biggy as I picked up over $3 on the 2nd half of the position.