Casino & Gaming Stocks Tumble as Traders Continue to Sell (LVS, MGM, WYNN, more)
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Stocks in the Casino & Gaming group are getting slammed today amid little fundamental news in the sector. Traders may be using Goldman Sachs' 2010 Lodging, Gaming, Restaurant & Leisure Conference, currently being held in New York City, as a "sell the news" event this afternoon.
Other than that, today's sectorwide decline simply looks like a continuation of Friday's move lower. As technicals have been dominating investor psychology recently, traders might look to such indicators as the 200- and 50- day moving averages, for example, to get a feel for where the market could be headed next.
Around the sector today:
It should be noted that the only company-specific news we have seen from the above stocks was a rating downgrade on Boyd from Moody's, however this downgrade was issued too late in the trading session to have affected any of the charts.
Other than that, today's sectorwide decline simply looks like a continuation of Friday's move lower. As technicals have been dominating investor psychology recently, traders might look to such indicators as the 200- and 50- day moving averages, for example, to get a feel for where the market could be headed next.
Around the sector today:
It should be noted that the only company-specific news we have seen from the above stocks was a rating downgrade on Boyd from Moody's, however this downgrade was issued too late in the trading session to have affected any of the charts.
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