MGM - Anyone else long and trading it?

[KCalhoun]

I don't know re gaming ETFs, though I know I'll be daytrading these short and long, depending on directional moves on volume...

Here's the P&L IB screencap from the 2K I sold on the open... of course if I'd been patient and waited it went to 13 vs just 11, but that's ok:

Looking forward to seeing what LVS/WYNN do, in addition to MGM/IGT/BYD tomorrow.

-k

 

[S2007S]

Does anyone actually think the Citycenter will be successful for MGM...

In these tough economic times there is no way I see any benefit from building these type of gaming resorts, by the time they finish this, the economy will have fallen even further into recession.

 

[RiceRocket]

Quote from S2007S:

Does anyone actually think the Citycenter will be successful for MGM...

In these tough economic times there is no way I see any benefit from building these type of gaming resorts, by the time they finish this, the economy will have fallen even further into recession.

I think City Center will be a success. There is still a demand from wealthy individuals for the Vegas lifestyle. I know some wealthy homebuilders that are still selling in the million dollar plus market in vegas. Really this recession mainly affects the middle class.

 

[niteowl8]

Quote from KCalhoun:

I don't know re gaming ETFs, though I know I'll be daytrading these short and long, depending on directional moves on volume...

Here's the P&L IB screencap from the 2K I sold on the open... of course if I'd been patient and waited it went to 13 vs just 11, but that's ok:

Looking forward to seeing what LVS/WYNN do, in addition to MGM/IGT/BYD tomorrow.

-k

Nice trade Ken! You can never go wrong taking profits. Don't worry about the run up to $13. Who knew it would be so strong today (+35.59%)

 

[KCalhoun]

thanks.. I sold on the open because it was losing support at the 11, so I went ahead and exited, concerned that it might drop back to 10 ... it chopped around a bit then got more buyers -- I'd daytraded it on smaller shares up the rest of the way...

it'll be interesting to see if it climbs on up further quickly, or sells back down in the days ahead.

-k

 

[stock-short3r]

great trading KEN.........i sold 500 shares more this morning. Will hold the last 500 and let it ride......Keep up the good work.



SHORT3R

 

[KCalhoun]

thanks ...! it's been fun..

of the 4K total shares I'd started this adventure with recently, I closed out those 2k at high 10s in the daytrading account, and 1k at 12.2 trailing stop in my sep-ira account, and still open 1k long with close stops near low 10s for remaining open shares... MGM's a very difficult stock to trade imo... I wind up selling lows, for a smaller profit than I could've gotten.. compared to other stocks.. but at least it's doing well.

same w/LVS open, trailing close stop on open longs...

still daytrading MGM/LVS/WYNN/BYD, have been doing so all day today... though I prefer wide/clean patterns for daytrading like ZION, CAR et al

-k

 

[stock-short3r]

These type of Momo plays can drop 20% in a couple minutes(LVS) the whole way up.....they are just shaking low hanging fruit out........That is only time I buy them for a day trade....or else if you buy on up momentum...it is very hard to sell.....then price drops so fast to your entry that the human mind says hold it will go back up(why I set stops right after I buy) I also tend to sell these momo plays when I get excited with emotion on the big gains(sure sign price is about to fall) I have stop set on LAST little bit below yesterdays gap.



SHORT3R

 

[hairdresser]

Quote from stock-short3r:

great trading KEN.........i sold 500 shares more this morning. Will hold the last 500 and let it ride......Keep up the good work.



SHORT3R

How's the ride goin'?

 

[stock-short3r]

I am so far into the houses money that I had not even payed attention to them. My stop loss is set right around 100% gain on the remaining shares.......I sold some for more....it was fun..

THoe I had another exciting ride the last two days in AHD.....same story.....it seems even the crap stocks are rising.

The market is in a mania the last couple days with alot of chasing going on......I am weary and am getting defensive



SHORT3R