The current market environment is certainly not one that supports trader complacency. Given the massive swings in both directions, it’s important to be strategic when entering new trades and avoid jumping in every bullish play that presents itself.

One mistake frequently committed by the novice trader is entering too many bullish trades simultaneously. Not only can it be difficult to juggle too many positions at once, it can also be detrimental to your financial health if all of them run amok together. Rather than jumping into every bullish idea that comes across your desk, be selective and only act on those that make sense based on your existing portfolio positions and investment objectives.

Las Vegas Sands (NYSE:LVS) is one casino stock quietly approaching an actionable line in the sand. After consolidating in trendless fashion for much of the year it may be on the verge of breaking out of its range. A surge above the $48.75 zone may justify a bullish bet.

Source: MachTrader

As usual, option traders have a variety of strategies to choose from in structuring a position that will profit if LVS continues to rise. Given the share price, I think short puts are an intriguing play here. Traders could sell the Oct 43 puts around $1.25. With a delta of -23, the short 43 put currently offers a probability of profit of 77%.

The sustainability of any type of breakout in LVS likely hinges on the health of the overall market. If we continue to chop around or head lower, bullish plays maybe in for a tough ride.

At the time of this writing Tyler Craig had no positions on LVS.