More of a tea cup formation in the charts. Bullish. Sell off has been due to ridiculous news like "cashless casinos", spear headed by Reuters. Chinese gaming regulators do not want to ruin this cash cow to the region, so that story is waaaay overblown. Program trading has been kicking in (shorts coming in) and the idea of a REIT spin-off has waned, giving shorts more confidence. More importantly look at the gap between $48 and $62 last year. Yes, we may hit $49.50, but soon after that we'll see $62.25. Macau is still booming and more tables and rooms have been added recently to Cotai. Most importantly, remember when all the "falling revenue" talk kicked in mid October when LVS was at $44 and we were told Macau growth was around 7% and two weeks later that number was revised to 14%??? Anybody remember that??
Chinese regulator talk was ramping up a month later and within 6 weeks after that LVS hit $55.
Buckle in folks, bumpy yet rewqarding ride for bulls! Less
False information usually comes with lowered PPS. It is the sheep effect. I expect this to last for a few more days. May be even through the month. I plan to average down by the end of the month. If it turn around before that. I'll just hang on with my current position. Frustrated, but not unfazed.
Shut down the moment the Government became aware of the trespass, which is pretty impressive in itself. Beijing, the banks, Guangzhou, indeed the whole PRD is hugely invested in seeing Macau remain China's only gambling enclave.