LVS is down 29% in the past week including 6 straight daily declines. I’m no fan of the Macau stocks but the Bank of America downgrade may provide a near-term short covering opportunity. The stock appears oversold if it goes below $39 per Keith McCullough’s quantitative model. Moreover, we may get a fundamental positive catalyst as soon as next week. My Macau guys think LVS is close to finalizing a credit facility to finance some of its Macau development. An agreement here could provide a little support for the stock considering investor concerns around financing.
I still think the trend is lower on the Macau stocks.
I still think the trend is lower on the Macau stocks.
