Slim Pickings, So Head to the Casino Buffet

While it is true that quite a few names are holding up reasonably well into this market pullback, given the sudden reappearance of overnight risk and volatility it is tough to argue that merely "holding up well" equates to an urgent need to go long imminently. Instead, we are simply monitoring several relative strength names for Members, which are rather aloof to this newfound market action. 

The major casinos are notably strong again, as has been the case since last week. LVS and WYNN are garnering headlines, while IGT is still the main slot machine maker of which to note. 

Also keep an eye on MGM to possibly follow LVS WYNN higher. 

On the daily chart, below, note how MGM has held onto its triangle (light blue lines) upside breakout. If the name can now recapture $25.15 I would look for it to follow its peers higher. 

Overall, though, I am inclined to wait this pullback out, given the gap down this morning when many were likely buying the dip yesterday in anticipation of yet another V-shaped rally. Loading up the truck on the long side looks great when those V-shaped rallies come. But when they do not it can be rather painful, which is why we like to wait for confirmation with even promising reversal candles like FCX's yesterday.