Casino Hit Blackjack Early, Should You Double Down?
This morning, the major casino stocks are all trading higher again. Since the August 9, 2011 stock market pivot low the casino stocks have soared. The move in the leading casino stocks have been nothing short of spectacular, however, this rally in the casino stocks is starting to get long in the tooth. Stocks that have moves this strong in such a short period of time will usually need to pullback or consolidate very soon.
Wynn Resorts Ltd (NASDAQ:WYNN) is the leading casino stock in the markets today. This stock traded as low as $123.69 a share on August 8. 2011. This morning WYNN stock is trading higher by $1.84 to $160.15 a share. The stock is now trading back above all of the major moving averages which puts WYNN stock in a strong technical chart position. The only problem with WYNN stock is that it is now getting extended and overbought on the daily chart. Traders should watch for resistance around the $163.00 area in the near term.
Other leading casino stocks that are trading higher include Las Vegas Sands Corp.(NYSE:LVS), and MGM Resorts International (NYSE:MGM), and Boyd Gaming Corp. (NYSE:BYD). All of these stocks are looking fine on the daily chart at this time. The only problem with these stocks are that they look poised for a pullback or some consolidation very soon.