The Summer of Laffy Taffy Tariffs

The Wall Street Journal notes this morning that, "China doesn’t import enough from the U.S. to match the new $200 billion tariffs—so Beijing is reviewing plans to hit back in other ways."

On the back of President Trump's new tariffs, U.S. stock index futures had a rough overnight session. As we speak this morning, however, many individual names are flashing green with some holdings of mine like software growth monster NTNX actually threatening a multi-week breakout higher. 

Still, this is a legitimate test for dip-buyers when you consider the constant barrage of trade war headlines in recent weeks and even months. During the heart of summer trading it would be rather easy for bulls to simply take the rest of the summer off, if the headlines do not let up. 

On a more positive note, some of the smaller cap casino plays are quietly acting rather well. Red Rock Resorts, a name we have profiled quite a few times on this site, is breaking out on all timeframes, as the weekly chart illustrates below. 

It is tough to chase RRR right here, right now, given the broad market action especially. But if dips generally hold above $35.60 we should have a fresh long entry soon.

I will delve a bit deeper into some other, more actionable long ideas in the gaming space for Members this morning.