10Dec12:31 pmEST

Steve Wynn Wrapped in Red for the Holidays

670012_orig WYNN and the major casinos have been perennial short setups I have charted for a while now, though I am still surprised by how violent the move lower has been. On the first daily chart, below, note that WYNN has staged, for all intents and purposes, a mini-crash. The stock is too oversold to short, but not my kind of a long either, and risk remains of a sloppy, choppy sideways period into year-end. Nonetheless, I believe the stock has topped on a multi-year basis and is a short into bounce until further notice, as are other major casinos like LVS. On a more bullish note, NILE, on the second daily chart below, is sporting good relative strength name and remains a retail holiday squeeze idea, especially over $37. WYNNNILE

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