This morning, many of the leading casino stocks are declining lower after a report
was released that China may target junket or trip operators with links to organized
crime. Junket operators help drive gamblers to the Macao casinos.
WYNN Resorts Limited (WYNN) is considered to be the leading stock in the region.
Today, WYNN stock is declining lower by 2.35 percent to $122.60 a share. Short term
traders can watch for intra-day support around the $121.00, and $118.00 levels. The
daily chart has support around the $155.00 area should the stock decline further
over the next few days.
Some other leading casino stocks that are also declining lower on the news include
Las Vegas Sands Corp (LVS), Melco Crown Entertainment Ltd (ADR) (MPEL), Asia
Entertainment & Resources Ltd (AERL), and Galaxy Entertainment Group Ltd
(GXYEY). Traders should keep these stocks on the radar as they are all still in an
uptrend on the charts. At this time, today's decline seems to be nothing more than
a reactionary pullback on a negative news report.
By Nick Santiago