Today was about as boring a day as I can remember in the stock market. In fact it seems like it is Christmas 2010 already or the day before the new year. You give me a dollar and I will give you a dollar back, and then we do that about a thousand more times. That pretty much sums it up for today.
I attempted to go long LVS Las Vegas Sands Corp today but then got scared and jumped out within about 15 minutes. I made that decision because of the volume non confirmation I mentioned in my previous post. Today could have been the final low in Las Vegas Sands Corp before moving higher, but for now anyway I am going to stand aside. I am just too nervous about the general market as a whole. And honestly the ideal entry for LVS should have been way down near 16 and change. That is where the MACD buy signal was generated and now the MACD is toppy and overbought.
So why didn’t I grab some LVS near 16 and change? Good question. Probably because it was not jumping out at me at the time. But that is always the tendency of the best buy setups, they are always quiet and not obvious at first.
I think I am scared money right now. I can’t help it. I would rather not be too committed towards either side of the fence. I would rather be right on the fence right now.