LVS and PCLN

As I suspected yesterday, support zones in both out PCLN and LVS shorts kicked in today.

 Daily LVS support zone

 LVS had a little more downside to travel before hitting the support zone, but note that in both cases, before either moved much higher, the stops were ran at both support zones. In LVS the first was hit at an intraday support level and volume spiked and the second at the daily support level, again volume spiked as stops were hit. This is a common theme and you should be starting to get use to the idea, if there's a nearby support or resistance level, it will be hit.

 And the reason... positive divergences on both breaks of support, Wall Street is picking up shares on the cheap.

 This is the stop I'd be using on LVS short positions to either take some profits off the table or close the position to reestablish at a later time. There's about a 14% profit here, I'd prefer to keep it.

 PCLN was right at the support level so it didn't have far to go to run the stops

 Again, the daily support trendline is hit briefly into a positive divergence meaning the stopped out shares were accumulated for a move higher.

 You can see it on the 10 min chart as well which is pretty significant that early in the day.

And here's the stop I'd be using to take partial or total profits in the PCLN short.

At this point it's too early to tell if this is a momentary hang up at support or if it'll be the base for a bounce and shakeout. Either way, when it becomes clear, I'd like to re-establish both shorts as I believe they have good downside potential.

As the market tops breaks definitively, there won't be a need to trade around these positions as much and trending trades will become a lot easier to manage.