Although the casino and resorts giant delivered an earnings beat, profitability concerns tied to the company's Macao unit sparked a massive sell-off in LVS stock. Still, even with the carnage, the footprint of smart money traders reveals that they're paying a premium for upside optionality. The smart money at the very least recognizes the possibility of a dead-cat bounce. Instead, as the volatility skew demonstrates, the smart money is very much structured to benefit from a dead-cat bounce. Combined with smart money sentiment, this call spread — which features a breakeven price of $53.96 — offers a potentially rational form of speculation.