Showing posts with label wynn. Show all posts
Showing posts with label wynn. Show all posts
Thursday, September 24, 2009
Last week I wrote about the casinos and airlines. http://tradingrm.blogspot.com/2009/09/airlines-casinos-bearish.html
The bearish engulfing patterns on the daily tipped me off that they were about to me in play. Remember, we at TradingRM wait to see price action verify the chart patterns. We didn't short the casinos the day after I wrote my blog. There was no reason to. Today was a different story. Several traders' got short casinos off the open. Yesterday was the first day since I wrote last week, that MGM, LVS, WYNN closed on or near their lows. Moreover, these stocks opened at high of the day, and closed at low of the day. Game on! The bearish engulfing pattern has now been activated. Let's wait to see if WYNN can break below $67.90 for continuation lower.
Speaking of bearish engulfing, here is a daily chart of BZH. Look at the high on 9-23. Above average volume for the day. Don't be surprised if this stock is in play in the next week.
Thursday, July 30, 2009
Early morning offered a decent set up for a select few short trades. We saw the major indices catch a bid early a.m. MA, V, LVS, MGM, WYNN and several stocks initially seemed strong. But 20 minutes into the trading day we saw the SPX make new highs with the leading stocks on the open not confirming. The Nasdaq was also not confirming highs. Meanwhile several names (AKAM & SYMC) remained weak.
SYMC ended up dripping lower all day and picking up some acceleration lower as SPX sold off in last half hour.
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