Casino Stock Crap Out Again
The big casino stocks are all coming under selling pressure again. The catalyst for the decline in the casino stocks is once again caused by the weak Shanghai Index (China). The Shanghai Index finished lower last night by over 2.00 percent. Most of the revenues for the casino stocks come from the Macao market. If China and the rest of Asia begin to slow down further this will hurt the large casino stocks that operate in that region. The leading casino stocks are not growing in the United States as the economy is still somewhat depressed.
Wynn Resorts Ltd (NASDAQ:WYNN) is trading lower by 0.33 cents to $101.98 a share. The stock is trading below all of the major moving averages on the daily chart. This puts this stock in a confirmed down trend at this time. The stock will have short term intra-day support around the $101.00, and $100.00 levels.
Some of the other casino stocks that are declining lower this morning are MGM International (NYSE:MGM), and Las Vegas Sands Corp (NYSE:LVS). Traders should not expect any major rallies in these stocks until the Shanghai Index can find a near term low.