Seeking Alpha

InTheMoneyStocks'  Instablog

InTheMoneyStocks
Send Message
InTheMoneyStocks.com is a proprietary research, consulting and investment alerts company focused on guiding investors, swing traders and day traders to financial success. Their PPT Methodology is a proprietary blend of price, pattern and time discoveries that has helped produce 216.37% net... More
My company:
InTheMoneyStocks.com
My blog:
Rant & Rave - Pro Traders Blog
  • Casino Stocks Crap Out 0 comments
    Feb 6, 2013 10:33 AM

    This morning, many of the leading casino stocks are declining lower after a report was released that China may target junket or trip operators with links to organized crime. Junket operators help drive gamblers to the Macao casinos.

    WYNN Resorts Limited (NASDAQ:WYNN) is considered to be the leading stock in the region. Today, WYNN stock is declining lower by 2.35 percent to $122.60 a share. Short term traders can watch for intra-day support around the $121.00, and $118.00 levels. The daily chart has support around the $155.00 area should the stock decline further over the next few days.

    Some other leading casino stocks that are also declining lower on the news include Las Vegas Sands Corp (NYSE:LVS), Melco Crown Entertainment Ltd (ADR) (NASDAQ:MPEL), Asia Entertainment & Resources Ltd (NASDAQ:AERL), and Galaxy Entertainment Group Ltd (PINK:GXYEY). Traders should keep these stocks on the radar as they are all still in an uptrend on the charts. At this time, today's decline seems to be nothing more than a reactionary pullback on a negative news report.

    (click to enlarge)
    Post by: Nick Santiago

Back To InTheMoneyStocks' Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers

Latest Comments


Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.