Some notes for those that care:
1. Volume today was the lowest in 20 days
2. In the last 30 days the volume has only been below 20 million 4 times
3. The next day following those 4 days identified above the stock has seen an average of 20%+ gain
4. Stock has formed a classic W in short term view
5. Stock has continued to climb wall of worry with channel range now at 7.38 and 19.5 exhibiting higher lows and higher highs
6. All positive news coming out with great conf presentation
7. Recent insider buying of the largest percentage of any publically traded stock I have seen
8. Prime for foreign investment
9. Customer market turning and City center fully funded and will be the global draw
10. Recent upgrades on debt outlook
All this is enough for me to support a buy.
Follow the cash.
Prime for foreign investment- I think this get over looked to often. Considering the fact that Dubai World bought 10 million shares at $80 in Feb. 2008. OUCH...at some point, they have got to average down.
11) Carl Ichan has left the building. Kirk bought back his bonds and now Carl has the Tropicana hotel/casino in AC...so Carl won't be in Vegas to annoy MGM.
12) high-rollers are returning to Macau due to easing on credit availability (deen on bloomberg tv)
News this am is very very good
MGM in talks with investor groups for Taiwan casino, Reuters reports 06/04 07:14 AM
In MGM Mirage's (MGM:$7.49,00$-0.43,00-5.43%) efforts to expand in the fast-growing Asia market, the company is in talks with three investor groups to develop a casino in Taiwan, according to a Reuters report. MGM Mirage (MGM:$7.49,00$-0.43,00-5.43%) , controlled by billionaire Kirk Kerkorian, has been looking very closely at Japan for the past two years, according to Lloyd Nathan, president of global gaming development. After years of talk, Taiwan's legislature voted to legalise gambling in January, but limited the move to several offshore islands where it is seeking to boost tourism and speed up economic development. Nathan commented: "If legislation occurs that enables our business models, then we would like, without a doubt, to have more than two MGM Grands in Asia." MGM was also looking at potential projects in Japan and the Philippines, with the company talking in Japan to major local conglomerates, he added. Nathan declined to name the three groups for the Taiwan project, but said all were Taiwanese and would fully fund the development with cash-strapped MGM Mirage