Tuesday, August 4, 2009

Oh my! The casinos are ROCKING!!!!!!

Wait--wasn't that advertised here last week???

When I said the bears were rolling snake eyes?

I'll refresh your memory from that Sunday night:

Now I know I was in WYNN on April 2 (I said the shorts on the casinos were Wall Street's new cooler) at 27, out at 50 on May 5, and back in at 35 and change on May 26 before Obama decided to visit Vegas. Thursday morning, I said it was time for traders to get back in the casinos that have the Macau IPOs. LVS was 10.25 and WYNN was 42 and change. So why another tout again instead of another "As advertised?" Because I think this time, the market won't be able to contain the moves. Last I checked, there was 70 million shares short in LVS, and 16 million shares short in WYNN. Shorts think WYNN will stop at 50, and LVS will stop here. I don't buy that for a second. I retouting these names because I think WYNN goes to 66, and LVS goes to 17, on their "enterprise" value, which will be unlocked by the Macau IPO's and the market belatedly recognizing that Sand's Singapore casino will greatly help cash flow for LVS. I also think MGM could spike to 12, as I believe negotiations with the NJ gaming regulators regarding Pansy Ho, could soon receive clarification. (I'm long the 7.5s, 9s, and longer dated 10 calls on this number. 12 is just a stepping stone on the way to 22.)

Whoops--WYNN is now 58???? LVS is ramping to over 11 after the high frequency trading morons sold this number down to 9.05 after earnings on Friday? MGM up 11%. Anyone wonder why these names were re-advertised, and re-touted despite the move?

Because they are moving again, that's why!

And MGM, has the most gas left in it's percentage tank!

As advertised!!!!


Anonymous said...

is FIG a buy or a keeper right now?

Palmoni said...

I think a keeper now. Heck even my regionals are shining!