Ironically, Bears Have Nowhere to Go But Las Vegas

The irony is so thick that even the most stereotypical hipster in Williamsburg, hunched over an obnoxious-sounding typewriter in a crowded coffee shop with patrons patiently waiting for an open table, would be skeptical of the notion that the only place a bear can find a home in this stock market is in Vegas. 

And, yet, after MGM's earnings sell-off this morning the LVS short idea we have been noting for Members now seems more viable. To be fair, WYNN is holding up rather well. So, it is far from a case where all gaming stocks are shorts. 

Moreover, the broad market is merely mixed as I write this, far from a menacing sell-off just yet. Still, we strive to be balanced and not get too complacent or sloppy in either direction. 

On the long side, there are still plenty of setups to monitor. However, we want to see if dip-buyers can do their usual song-and-dance in terms of sustaining the melt-up throughout the session. Any changes in character, while not a reason to run for the hills, would likely signal some short-term caution to not press fresh money longs.