Looking at a daily chart of the QQQ. Up 7 days in a row. Can you imagine where MPEL would be trading in a weak market? This is trading like it got one downgrade after another and we know this is not the case.
Entire market went into fade towards the latter part of day so whole market took a hit. WYNN and LVS who have gotten a lot of good press lately still took a hit although not as much as we did. Without any news, bears are going to maintain control. If you believe in the fundies, hang tough. If you don't, bail out and take 2 aspirin.
Risk avoidance largely characterizes the overall market theme currently. On days when the market uptrends sharply the performing issues are those with lenghtly records of earnings performance or high dividend yields. MPEL has created earnings, gains in market share and sharply increased revenues recently, but it doesn't have a sustained record of these positive metrics. So, in line with the overall theme it temporarily remains range bound. Personally I believe longer term MPEL stands to perform strongly if the financial reports continue to present what they have recently. I'm long and believe that continued growth is in store for MPEL.
MPEL has not received market respect yet and until it does, will be kicked around. MMs are telling their drones to avoid risky trades thus the poor performance. But that sentiment will eventually change and it will go from whipping boy to golden haired. Remember a year or two ago when the sector was so disrespected even WYNN (the so-called "best of breed") dropped like a rock but it eventually got back its halo.