i agree on the break down...wynn to 80 and lvs to 36
china stocks seem to be getting hammered..
ewh isnt following the scale..
oil should follow down too..incl silver
as expected short lived..and top of the day...
watch a sell off at the close..with a shart bump up at 3:30
With China's stock market near a three-year low and its economic growth projected to worsen on a weak property market, it might not seem like a good time to build a new casino in Macau.
But Las Vegas Sands (LVS) is going ahead with a new Macau casino on a plot called Parcel 3.
The casino is slated to be Sands' biggest project in China since it opened its $4 billion Sands Cotai casino in the spring.
Sands on Monday reported the local government in Macau extended the deadline for completion of Parcel 3 by three years, to April 2016, for an unspecified penalty. The company has reportedly already spent nearly $97 million on construction and land costs at the site. Macau is China's special gaming region and the only place in the country where casino gambling is legal.
Las Vegas casinos can't count on growth at home, as U.S. economic growth remains feeble, unemployment holds above 8%, and expected growth from online gaming hasn't yet kicked in.
The Commerce Department provided fresh evidence of slowdown Monday, saying retail sales fell 0.5% in June, a third straight month of declines. Analysts were expecting a slight gain.
The drop was across a wide spectrum of industries, Commerce said, from consumer electronics to autos to building supplies.
But payouts from Macau haven't made up for global economic weakness and, with China's economy in retreat, casino stocks are at 2012 lows. The Leisure-Gaming/Equipment group is ranked a lackluster 141 of the 197 industry groups IBD tracks.
Sands slid about 0.4% to 39.40 in afternoon trading Monday.
MGM climbed 0.7% and Wynn rose 0.5%.
Some gaming equipment makers are doing well. Shuffle Master (SHFL), which makes card shufflers and table games for casinos, dropped 2 cents to 15.24. But shares have trended higher in recent weeks. The company has an 89 Composite Rating, meaning its shares have outperformed 89% of all stocks.
Multimedia Games (MGAM), a maker of online gaming systems, terminals and other gaming products, mainly for American Indian casinos, slid 1.1% Monday afternoon. Multimedia sports a Composite Rating of 92. Last week the stock hit its best level since late 2004.
yea wasnt any convincing volume with the break back above 40.. figured it might head back down.
But there wont be a break of 36. Should report better china numbers than wynn and they are still making money hand over fist in singapore..
Plus if China does any easing or whatever it will boost this up..
hope it drops to 37-38. ill have a truck waiting.