03Oct10:23 amEST

Wynn and Sands Have Terrible Charts; But They Were Suited

Recent blog posts regarding the gaming sector have mostly focused on the outperformance of ERI, Eldorado Resorts Inc., a mid-cap gaming play with tons of growth in the more intriguing parts of the country like the Reno, Nevada area and the Texas/Louisiana border. Penn National Gaming, Inc. (PENN) is also worth a mention. 

But, mostly, the rest of the sector has been performing in such a disappointing manner it was barely worth mentioning even the standouts due to broad scale selling pressure in the group. 

However, as we noted earlier this week if the likes of LVS MGM WYNN could somehow get out of their own ways and stabilize just a bit, then it was likely ERI PENN could make progress up and out of sound charts higher.

Of course, there is always the possibility of playing LVS WYNN for bounces. 

On their respective monthly charts, below, both names have moved straight down, more or less, since Memorial Day. Both names are back to price areas which have notable prior memory (previous battles, in other words) dating back many, many years. With a careful protective stop-loss below either today's lows or yesterday's, depending on your risk tolerance, they finally may be ripe for relief rallies after unforgiving downtrends. 

Otherwise, there is nothing wrong with a bit safer bets in ERI PENN. 

Stock Market Recap 10/02/18 ... Speeding Without Getting Int...

 
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