Poor Action In The Casino Stocks

The leading casino stocks are all trading lower at the start of the trading day. Earlier today, MGM Resorts International (NYSE:MGM) reported earnings that missed estimates. The stock is trading lower by 0.50 cents to $13.05 a share. Short term traders should watch for intra-day support around the $12.75 area.

Some of the other leading casino stocks that are declining lower today include Wynn Resorts, Limited
(NASDAQ:WYNN), Las Vegas Sands Corp. (NYSE:LVS), and Melco Crown Entertainment Ltd (ADR) (NASDAQ:MPEL). All of these stocks could have a little more downside action today, however, the daily charts are still holding up at this time. These stocks look to be trading lower in sympathy to MGM.

About Nicholas Santiago 575 Articles

Affiliation: InTheMoneyStocks.com

Nicholas Santiago started trading in 1991. In 1997, he became a licensed Series 7 and 63 registered representative. He managed money for a large, affluent private client group. After applying his knowledge to his client base, he decided it was time to begin teaching those interested in learning his methods. He is an expert in Technical Analysis. He has become an accomplished technician in the studies of Elliot Wave, Gann Theory, Dow Theory and Cycle Theory. In 2007, he partnered with Gareth Soloway to form InTheMoneyStocks.Com and realize his dream of educating others about the truth of the markets.

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