Casino Stocks Hit Blackjack
All of the leading casino stocks are soaring higher this morning. Traders should now be alerted to the action in these leading casino stocks whenever the Asian stock markets trade higher. The business in Las Vegas, Nevada is not the reason for the strong reaction in the casino stocks. It is the Macao market that is thriving and driving the casino names higher at this time. Last night, both the Shanghai Index(China) and Hang Seng(Hong Kong) indexes were up sharply higher.
Wynn Resorts Ltd.(NASDAQ:WYNN) is trading higher this morning by $4.53 to $134.69 a share. This stock remains the strongest of all the leading casino stocks. The stock will have some short term intra-day resistance around the $135.00 and $136.00 levels. The daily chart remains very strong as the chart is very close to testing its 52 week high made just five trading days ago at $137.10 a share.
Las Vegas Sands Corp.(NYSE:LVS) is trading higher by $1.19 to $44.65 a share. The stock should consider changing its name to Macao Sands since that is where it is driving its revenue from. Short term traders can watch for intra-day resistance around the $44.65 and 45.00 levels. The stock could also have some daily chart resistance around the $46.50 area.
MGM Resorts International(NYSE:MGM) is also surging higher this morning by 0.81 cents to $13.41 a share. MGM has a large presence in Macao and looks to be benefiting from their stake in Asia. MGM stock will have intra-day resistance around the $13.60 area. The stock will have a fair amount of daily chart resistance around the $14.00 area.
When the Asian markets rally it is now beneficial to the leading casino stocks that have a presence in Macao, China. This market is the growth engine for the leading casino stocks at this time.