Casino Stocks Crap Out Early
Nicholas Santiago | Aug 26, 2012 12:57AM ET
Friday morning, most of the leading casino stocks came under some early selling pressure. Traders should note, this industry group may have put in place a short-term top a couple of days ago. It will be important to see the pullback over the next few trading sessions for the leading stocks in the industry group. Wynn Resorts Ltd (NASDAQ:WYNN) is considered to be one of the leading stocks in the sector. WYNN stock declined lower by $1.17 to $103.98 a share. Short-term traders should watch for intra-day support around the $103.17 level.
Some other leading casino stocks that are also coming under some selling pressure today include Las Vegas Sands Corp (NYSE:LVS), MGM Resorts International (NYSE:MGM), and Ameristar Casinos, Inc (NASDAQ:ASCA). All of these stocks have very similar chart patterns which tells us that the sector is trading in tandem with each other at this time.
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