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My Partner, Todd Jordan, has not liked this fundamental picture as of late, and this chart lines up with his view. Ugly. Next support is $9.94. Short interest is relatively low at 4.4% of the float, and that's why i am short MPEL instead of LVS right now (LVS is a consensus hedge fund short, getting crowded at -15% of the float).

This remains a backdoor way to be long the puts associated with the Chinese stock market crashing, which has turned into a daily affair.

Gambling in Macau anyone? We have an office there, and the edge in the sector.

*Full Disclosure: I am short MPEL in my fund.
KM

(chart courtesy of stockcharts.com)