Casinos remain under pressure, with MGM Resorts sporting a notable breakdown this morning.
On the zoomed-out daily timeframe, note well-defined support being broken today. Unless $23 is immediately recaptured by the end of this week I view this action as consistent with a major, multi-year top now confirmed for a premier casino operator. The sheer size of the pattern projects a move down to around $18.
Also note that LVS MPEL WYNN have already broken down.
Elsewhere, small caps remain under pressure amid some mixed action.
What are you trading this morning?
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Chess – from the Strategy Session, I’m thinking hard about pulling a Crazy Horse on GM here…
How will you play it?
Real small play. Will go w/ some at the money puts & keep my risk limited to the premium. Feel free to berate me if this sounds horrible, Chess
Like it, Unc
I appreciate the feedback, Chess. Now in full Ralph Nader mode…
Stopped out of Russia short mentioned yesterday on blog for a loss.
Trying some SFUN calls. 10 strike, 11/22 exp. Also having some IWM and SPY puts bought today but too soon. 11/22 exp there too.