02Dec10:39 amEST

Doing Vegas Properly

While much of the focus in the casino sector these days seems to be on whether LVS WYNN and pure Macau play, MPEL, are bottoming after relentless downtrends, MGM and BYD look to be sporting stronger overall chart setups. 

If the casino resorts do, in fact, rally into the holidays as a reprieve after what has been a rough year for them, then I expect MGM above $23 to represent a quality setup. 

Elsewhere, capital still looks to be piling into the likes of MSFT and NFLX amid a narrow market bounce. And ZFGN is the biotech blow-up du jour, despite the XBI ETF rallying back nicely (we sold the rest of the LABD, triple-bear ETF, a trade previously noted here, yesterday inside Market Chess Subscription Services).

Overall, the QQQ strength has brought the leading Nasdaq titles essentially back to their summer highs, even as the small caps and other indices remain a far cry from their own highs. We have seen long-running divergences drag on for a while, though. So it will be interesting to see if the QQQ can immediately blow right through them now. 

Stock Market Recap 12/01/15 ... Last Run Before the Eruption

 
BackToTop
 

This website is intended for educational purposes only. | © 2024 MarketChess.com | All Rights Reserved | Website design by Saco Design | Superpowered by Site Avenger

mobile site | full site