Don't Gamble On Casino Stocks Jeff Macke Jul 13, 2009 12:10 pm |
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Bottom line: If you’re looking for a relatively nearby place to have an amazing time with or without your family, consider the Atlantis. If you’re looking to buy casino stocks, keep your chips pocketed.
More Consumer News
Since I started writing for Minyanville, I’ve had the opportunity to chat with some retail bigwigs. To a person, I was told that business crumbled a few weeks back after a brief rally. The phrases used to describe the decline can’t be repeated on a family site.
Let’s just say it’s gotten ugly in the malls, yet again. There are specialty-store stocks that have put in an enormous amount of space between current levels and the March lows. Did you happen to see consumer confidence levels so low they suggest that America has run out of both consumers and confidence? Did you see the same-store sales last week?
True Religion (TRLG) is 150% higher since March. In that same timeframe, Ralph Lauren (RL) is up over 50%. The Gap (GPS) has put on nearly 40%.
You get the idea. Doom and gloom is no longer in these stocks. They now trade with “guarded optimism.” They shouldn’t. Hedge ‘em, stop ‘em, flat-out sell 'em. Whatever you do as you listen to non-retailers report this month, keep in mind sinking tides do hideous things to stocks trading on more than a hint of “hope.”
The idea here is take profits and leave a token position (say, 10% of your original investment) just to keep the names on your radar.
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The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
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