The Q’s gaped up at the opening over the highs of the last 4 days of trading setting the high of the day at 67.27 at 9:35. Then the market sold off hard through minor and major support levels and finally setting the low of the day at 66.55 @ 11:15 am, from there price went sideways until 2:30 where price then broke to the upside and currently is in the middle of today’s range at 67.12. Basically the Q’s have put in a W pattern easily seen on the 15 minute chart. My first play was just after 11 ma as the market was continuing it’s hard sell off, I shorted LVS just as it started to break down again. I was not very fond of the trade and I really hesitated since price was going no where in a hurry. Once I entered the play I throw the stop at break even after I was 3 cents up. In no time a quick flurry up took out my break even stop. Price continue for another 10 cents before retreating upward and finally breaking out. I would have been stopped out anyway, I’m not sure if I would have had profits on this trade or not If I would have stayed in the trade. I’m still even on the day looking for a pattern that I can trade.
LVS 01102013