By: Scott Redler
Recently the plastic was the credit card sector, this week it’s the casinos. There is a big conference this week focusing on the fundamentals of the casino sector. Technically, all three major casino stocks that we have traded for the past year look ready to move AGAIN!!
Wynn Resorts (WYNN)–this is the class of the group. A trade on heavy volume above $72 and we should see $75 quickly before making new 52-week highs.
Las Vegas Sands (LVS)–this is where I am hearing the money should be. Macua is doing great and there are no problems with Singapore. The stock is hovering below old highs. I would watch this closely. If we get a move above $19.90-$20.10 on heavy volume, we should see $21-22 quickly, and ultimately $24 before the Summer.
MGM (MGM)–this one is heavily plagued with bad headlines, BUT I love a good short squeeze. Seems like $11.95-12.05 should open this up for another move back to the $14 area or higher.
I will be hawking this sector during the week. When they move, they move quickly.
The market is a bit overbought, so this could take a few days to play out. I would like to see the S&P holding 1,135 before getting to aggressive. I’m sure Vegas owes at least some of you cash, time to make it back trading the stocks the right way!