1:05pm (EST)

The Las Vegas Sands (LVS, $9.32, down $0.11) September 12.50 calls (LVSIC, $1.80, down $0.22) have fallen below $2.00 which is what we were hoping for. The stock got a big pop at the open after saying it may do an IPO next month on its Macau assets.

I’ll have more over the wekend on this development and this is why we always wait 20-30 minutes until after the market opens. A lot of people were buying at the open but we waited until we got some better entry prices. We still have 3 hours to go before the final bell so we may be able to get even better prices. You can now target $1.60-$1.70 and if it’s not reached then you could get in before the closing bell.

Rick Rouse