Las Vegas Sands owns and operates the Sands Macau Casino, the Venetian Macao and the Four Seasons Hotel in China, and the Marina Bay Sands in Singapore. The company is also pursuing a range of other gaming opportunities in Asia, Europe, and the U.S. With a market cap of approximately $35.9 billion, LVS shares are generally categorized as large-cap growth.

As stocks continue to move higher (newly buoyed by interest rates that are officially on a downward trek), insiders continue to let off steam in what is arguably an increasingly toppy stock market. Still, with favorable seasonality in play through the end of 2025, it remains to be seem how much 'toppier' stocks can/will get. The caution from insiders is in the higher end of the neutral range and, therefore, near the low end of the bearish range. On a scale where neutral sentiment runs from 2.00 to 6.00 and then bearish sentiment kicks in, the Total Eight-Week Sell/Buy Ratio from Vickers Stock Research (Vickers' broadest sell/buy measurement) is now 5.02. But it also has fallen into a very tight channel, as the ratio was 5.04 three weeks ago, 4.97 two weeks ago, and 4.90 last week. On a near-term basis and broken down by exchange, the highest degree of caution is coming from executives at companies that trade on the NYSE, as that exchange is currently posting a one-week ratio of 9.93. Relatively better is the one-week ratio for the Nasdaq, currently at 6.24. With the one-week readings running hotter than the eight-week results, a move into broad bearish sentiment is increasingly likely. End of day, insider sentiment is cautious and getting more cautious -- but not worthy of a 'run for the exits' response. This week, analysts at Vickers highlighted insider transactions of interest at Streamex Corp. (NCM: STEX) and Energy Vault Holdings Inc. (NYSE: NRGV).

Nine stocks (NVDA, MSFT, AAPL, GOOGL, AMZN, META, AVGO, TSM, TSLA) have trillion-dollar market caps and total about $23 trillion dollars. Maybe we should rename the Mag 7 the Mag 9? Eight of the nine are in the S&P 500 and make up a whopping 35% of the index! TSM is not in the SPX because S&P's selection committee considers only companies with U.S. headquarters. TSM makes up 23% of the iShares MSCI Taiwan ETF (EWT). The eight U.S. stocks represent an incredible 50% of the Nasdaq 100 (QQQ). If we were to add five more stocks (NFLX, COST, PLTR, TMUS, and CSCO) to the above eight, the 13 stocks represent a whopping 60% of the QQQ. We point this out because these indices, in our opinion, are no longer considered a way to get diversification in a total portfolio. They are, in fact, a huge wager on artificial intelligence (AI) and almost everything else that has to do with technology. In a smaller way, they are a bet on consumer spending. So far, and probably for the foreseeable future, investments in these indices have worked like a charm. Our concerns about the technical position of the stock market have gone unheeded. When markets ignore momentum divergences, bearish chart patterns, high insider selling (especially in IT), exuberant sentiment, lagging breadth, and weak seasonals, it is categorically bullish. Using price alone as the final arbiter, the indices never gave us reason to be concerned. Until that happens, the very calm crawl higher seems likely to continue. By the way, the second half of September is supposed to be the worst part of the year for stocks, but we will see. (Mark Arbeter, CMT)

On Wednesday, the stock market continued its rally off the minor lows from August 21, with leadership again coming from the small- and mid-caps. The S&P 500 rose 0.2% and closed at a minor all-time high (ATH). The S&P 100, Nasdaq, and Nasdaq 100 all saw similar gains. The S&P MidCap 400 (MDY) was up 0.6% to its second-highest level in 2025. The MDY has completed a very large inverse head-and-shoulders formation and is only 4% from its November 2024 ATH. The S&P Small Cap 600 popped 0.8% and has rallied 4% in the past four days, spurred by Fed Chairman Powell's dovish comments in Jackson Hole last Friday. Nvidia (NVDA) posted quarterly results after the close on Wednesday. The stock saw a muted response, with a setback of about 1.5% in the premarket. Since NVDA's April closing low, the stock has skyrocketed 93% and has rallied 35% in 2025. Technically, price reached peak momentum in mid-July on the daily chart, with the 14-day relative strength index (RSI) reaching extreme overbought territory of 80%. Since the peak, there have been multiple bearish divergences with respect to the 14-day RSI and the daily moving-average convergence/divergence (MACD). With a $4.4 trillion market capitalization, Nvidia makes up 10% of the Nasdaq 100, 8% of the S&P 500, and 22% of the VanEck Semiconductor ETF (SMH). Strangely, it makes up only 8.8% of the iShares Semiconductor ETF (SOXX) and is second to AMD (with a 9.8% weighting). As we have suggested in the past, always check ETF weightings before hitting the buy button, as making assumptions in that area can lead to costly mistakes. (Mark Arbeter, CMT)