covered igt...

[scalf]

/forums/images/icons/frown.gif stock seems too short term technically strong here...took 2 point win..gl...looking at mrk as short..gl /forums/images/icons/grin.gif

[Wildbill]

Give it some room Scalf...they came out with good numbers in their earnings with lots of positive analyst comments and yet they couldn't do any better than hold their ground. I sense a lot of selling could emerge with them at all time high territory and no news to drive it much higher for a little bit.

[scalf]

wb, i think you're right about igt still a good short, i got "nervous" when it held up on big down day....remember there still is that ibd momentum crowd that loves to bid up stocks breaking into new highs...hey wb...what about ipp's mir, cpn, cnp...seriously...jmho..gl /forums/images/icons/tongue.gif

[Wildbill]

IGT is a special case for me because its part of my job to track them and all of gaming companies so its just personal insight there. The others I wrote about above and is based on what I know from a family member that works for a CA utility. My advice for you probably isn't quite as useful because you appear to be a purely technical player and that is good, but not really a good match for my more economics focus on these things. I do use technical points of reference to determine good buy and sell points, but I never get into something purely for the technical aspects of the trade.

As for IBD, well you are right they have a lot of influence and those big mo people come into gaming every now and then and throw things into a bit of disarray, but gaming is a very fundamental group with historical moves that generally show patterns. Gaming is "in" at the moment as favorable press is helping a lot. Gaming runs the gamut from huge value plays such as ASCA and ISLE to stronger growth plays like IGT and SHFL. Thing is everything tends to run together, gaming tends to be up or down as a whole without a lot of specific price movement for individual names on most days barring big individual news. Gaming investors tend to have a lot of money involved and buy up everything and outside investors tend to avoid the sector completely because they don't understand it and get burned by it when the venture into the waters. In time the sector will stop flying and no momentum players will be in the game and then it will be a true traders situation.

[scalf]

/forums/images/icons/cool.gif wb..i appreciate your well thought out comments...gl /forums/images/icons/grin.gif