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Look, I know there is a recession out there. Believe me, I know. I’m living it myself.
But if you have some handy cash you might want to invest in casino stocks.
Keep in mind, I am NOT a stockbroker and I am NOT recommending any of the following stocks.
Buy at your own risk. But this stuff is interesting.
Here are the results of some recent business reports I’ve been reading about U.S. casino stocks.
Casino stocks have been on a roll lately, but it was until the last few days that they began to gain momentum as more investors pile into the sector after Goldman Sachs (NYSE:GS) upgrade of MGM Mirage (NYSE:MGM).
Shares of Las Vegas Sands (NYSE:LVS) had a big technical breakout last week; however the stock seemed to hit a wall around the $18 area entering a consolidation period.
The momentum in Las Vegas Sands picked up following MGM Mirage, however it still needs to clear $19 for it to reach $20.40.
MGM Mirage chart pattern have been broken for quite some time, as it was stuck in the “limbo” zone, which is the gap between 200 day exponential and simple moving average.
This area is conducive of sideways market action, and that was exactly what we had in MGM, as it struggled to break the $11 area.
Earlier this week, MGM stock price poked its head above the 200 day exponential moving average giving technical traders a signal to buy the stock. The upgrade definitely helped the technical breakout, and now the momentum is starting to come back into the sector that underperformed the S&P 500 in the last few months of 2009.
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Posted on January 14, 2010 by doclotto | Filed Under Casino, Culture, Stories, Strategy
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