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Casino Stocks Crap Out

Published 03/06/2012, 02:27 AM
Updated 07/09/2023, 06:31 AM
NDX
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WYNN
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CASP
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LVS
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This afternoon, all of the leading casino stocks are trading lower. Last night, China announced a lower growth forecast and this news could certainly be weighing on many of the large casino stocks. It is important to note that the Macau, China market has accounted for a large amount of the earnings for the casino operators.

Some of the leading casino stocks that are coming under some selling pressure today include Wynn Resorts Ltd (NASDAQ:WYNN), Las Vegas Sands Corp (NYSE:LVS), and MGM Resorts International (NYSE:MGM). Today's pullback in these stocks does not make a trend, however, these stocks could still see further downside in the near term.

WYNN stock is usually the most important of all the casino stocks and it is used as a barometer for the industry group. Traders should watch for near term daily support around the $111.00 level. The stock will have intra-day support around the $120.30, and $118.30 levels.

WYNN

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