Casino/Gaming Stocks
The casino/gaming stocks have been one of the strongest groups over the last six months. On the chart above we have the casino/gaming index (SIN) in the top panel and below that is a chart of WYNN.
On Friday both WYNN and the SIN index formed weekly bearish engulfments at the top of an overextended rally. You'll also notice that the gaming index tends to experience changes of trend approximately every 33 weeks which now puts us in the time frame for such a change of trend. MGM which is also a component of this index formed a weekly doji.
If you happen to have the good fortune of being long these stocks, you might want to trail a stop closer to the market to lock in any gains you may have because I think we may see a pullback here.
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4 comments:
Kevin, good job on your blog, you are doing a very good work. EEM caught my eye over the weekend. I know you have shorted this before but now it looks an even better time to get back into it on the short side. It failed at the top and it started selling off last Friday on high volume. Maybe this time is really ready to roll over. What do you think about it as a short sale?
I actually did short it on Friday but didn't want to post it on my blog because this trade is against the trend which means it's a low probabiltiy trade. I don't want anyone to lose money because of me trying to pick a top.
I shorted it again because it made a marginal new high and then sold off...Trader Vic calls it a 2B pattern.
Any thoughts on the G7 today ??
H.lovil,
I haven't shorted any Casino stocks
Banker,
I have no thoughts about the G7 meeting. I'm more interested in how the market reponds to what is said at the meeting.
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