Stocks for the casino sector are now rolling over. Today, the S&P 500 fell into the red while the Nasdaq actually made a new high for the year, before most of its gains were sold on the close.
Check out a chart of the S&P 500.
As you can see, the S&P 500 trading action can be labeled droopy for the past six weeks.
Earnings season did nothing to push the S&P 500 higher, while continued strength in stocks like AAPL and MSFT helped it stay alive while banking stocks sunk even further down.
Now casino stocks are rolling over.
Check out these charts.
I just wanted to point out this action to you today.
The casino sector is one I like to watch as it is an indicator of consumer travel and is an industry high in corporate debt and therefore sensitive to overall credit conditions, which are likely in a process of tightening.
-Mike
