3 replies to this topic

[hiker]

will it close above 78.63 to 79 intraday horizontal zone? street.com article out at 1:54 saying Kirk's bid for MGM properties is the start of an MGM run to $100. short inventory has remained available all day. what do you think? hold for prices above today's high, taking risk that 78.63 will hold as multi-day low in the future? $75 could easily be tested, which would be a better long entry. Fast Money guys tonight will surely have something to say...last night, they all said they would not be buying the open in any of the casino stocks today, and so far that has proven to be good strategy. Both Fitch and S&P today put MGM on a rating watch for their credit facility and notes.

Edited by hiker, 22 May 2007 - 01:45 PM.

[Jnavin]

Street.com article is accurate, in my opinion. Kirk's people may have been accumulating stock with the intention of taking actions that would drive it higher. That's how it usually works.

[hiker]

thanks, John. recent action shows lower intraday tops at 80.20 and 80.16. the 80.16 followed the test of 79.00. has felt like daytraders controlling the action since the early a.m... will be interesting if a short squeeze further develops in future days. I have taken some change out of this one buying it last night, selling it today...and then daytrading both ways. now flat, and waiting.

Edited by hiker, 22 May 2007 - 01:55 PM.

[PorkLoin]

Hiker: I have taken some change out of this one buying it last night, selling it today...and then daytrading both ways.

DUDE! Sweeet....