MIDDAY SALE
Markets continue range bound with the big caps and value stocks continuing to out perform.
Silvers, airlines, defense, utilities, metals, biotech and real estate while gaming, brokers, oil service, tech and small caps continue to lag.
Market internals trade net green 350 on the NYSE and net red 175 on the NAZ. The OEX/NDX
both a bit green with the internals net green 55/45 while the SPX is 275/225 green to red.
IBD stocks on the move include SYNL TNH GSOL BTJ and HURC while GROW JST ROCM VCLK and HURN are crushed.
Volatility indexes continue higher and trade at/near their 10 day SMA's.
MGM, a favorite for quite some time is down another 1.3% and about 10 points from the February highs. My take, its time to buy as MGM owns great assets on the strip and is building out its JV in Macau. And you are in good company as Captain Kirk owns 57% and the Marsico funds own about 12%.
posted by DAVID at
1:15 PM
2 Comments:
Sorry David but I disagree.
I'm technical rather than fundamental so I could just see a huge rounding TOP ... and a good candidate for short selling if MGM rebounds.
Take any long position very carefully and be strongly disciplinated with your protective stop.
Good Luck!
PS. The target for this kind of pattern if price is not able to rally above 70$ soon, probably coud be 50/55 $ range in a few weeks / months.
OK I hear you - But its more of a longer term position for me- But I suspect old highs will be back in play before too long
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