It looks like the bottom is in for Las Vegas Sands (NYSE:LVS). Yesterday, Kirk Kerkorian made headlines that he was interested in buying the Bellagio. This caused all of the Vegas gaming stocks to rally, as it signaled there is a lot more value in these properties than current valuations suggest.
Taking a look at one of my favorites, LVS, we see that the stock vaulted higher yesterday, on surging volume. It was the highest volume since January 11, 2007. And the gap higher in the chart depicts how the buying pressure was overwhelming from the start of the session.
I believe LVS has broken the recent downtrend in which the stock has been mired. It still has more work ahead of it, but I think slowly but surely these overhead levels of resistance will be chipped away at.
The company has some major properties opening this summer, and that could give an additional boost to the stock. I think investors will start to get excited about LVS in anticipation of these openings.
Disclosure: author is long LVS
