MGM - MGM MIRAGE

[Realizer]

On the technical side we are at the level of support created in early august 8.50ish to 8.90. If it falls below the 8.50's I won't touch it till it moves back above that. But it could be a nice 3-5% bounce play. We will have to see how it all plays out.

[rando]

I've had my eye on MGM for a month or two now, for a while it seemed to be leading the gaming sector up earlier this year after LVS took a breather, but then the two decoupled in terms of PPS and now MGM seems like a 25-35% laggard IMO, so I've been watching to see if it would recoup some or all of that. Now it seems like it's been hit at least as hard as LVS this week. Anyone else thinking of getting in or adding here, say, under 9.25 or so? I'm in deep with the gaming plays but if the shoe fits... ?

[mstreet]

Originally Posted by rando

I've had my eye on MGM for a month or two now, for a while it seemed to be leading the gaming sector up earlier this year after LVS took a breather, but then the two decoupled in terms of PPS and now MGM seems like a 25-35% laggard IMO, so I've been watching to see if it would recoup some or all of that. Now it seems like it's been hit at least as hard as LVS this week. Anyone else thinking of getting in or adding here, say, under 9.25 or so? I'm in deep with the gaming plays but if the shoe fits... ?

I got in at 9.70. I got hit hard with LVS but I feel like we will see mid 10's next week just because how bad the gaming sector got hit this week. Time will tell.

[sonixtwo]

Originally Posted by mstreet

I got in at 9.70. I got hit hard with LVS but I feel like we will see mid 10's next week just because how bad the gaming sector got hit this week. Time will tell.

Do you think the earnings report next Thursday will have a significant impact?

[Realizer]

Originally Posted by sonixtwo

Do you think the earnings report next Thursday will have a significant impact?

not really..

http://news.moneycentral.msn.com/tic...934&Symbol=MGM



MGM Mirage to take nearly $1 billion charge in 3Q
October 20, 2009 8:38 AM ET

[rando]

Look at Nov 2nd MGM intraday 1 min chart, from 10:35-10:50 there is a lot of action in the 9.20-9.30 range with continual bottom wicks way way down 15-30 cents all look to be touching 9.00. That looks really fishy to me. If I had to guess, someone's loading up cheap shares for a ride north very soon.

[rando]

This thread is a gaming ghost town these days. Anyone else playing this? I'm looking to ride it into and short of earnings for a sell to play it safe, I'm not after earnings bounce, just a technical correction back up. In long from 8.90 yesterday sold 9.25, but holding my 8.98s from this morning not sure when/where to sell thinking either 9.9s or see if it pops over 10.

[Tiptopptrader]

I haven't played MGM in some time and I concur with your move prior to earnings. With 1/2 position in bottom market share in Macau, a sagging Vegas they may be short on earnings. The only bright spot may be the Borgata in AC with their 50% position with Boyd. The tell of the tape will be after citycenter is up and running and I have concerns about that until Vegas makes a recovery. . .

[rando]

Originally Posted by Tiptopptrader

I haven't played MGM in some time and I concur with your move prior to earnings. With 1/2 position in bottom market share in Macau, a sagging Vegas they may be short on earnings. The only bright spot may be the Borgata in AC with their 50% position with Boyd. The tell of the tape will be after citycenter is up and running and I have concerns about that until Vegas makes a recovery. . .

True, although once Dec 1 rolls around you should send a lady friend on an intel mission into Vdara's 18,000 sf spa. That sounds crazy. For that matter... even Nascar drivers get pedis sometimes!

[Realizer]

Keep a an itchy trigger finger on this one that is for sure. I am not sure the price will react to the earnings as much as the guidance so listen carefully.