I think the drop is a over kill on this Macau govt eyes US$25mln in taxes from junkets in 2017 http://www.ggrasia.com/macau-govt-eyes-us25mln-in-taxes-from-junkets-in-2017/
Agreed. Macau’s central bank to clarify policy after casino shares tumble ... The Monetary Authority of Macau told CNBC it would issue a statement later on Friday to clarify matters. Separately, China UnionPay, the mainland's largest bank-card issuer, said in a statement, initially cited by Reuters, that it had not changed its policy on overseas withdrawal limits for mainland-issued cards, which were set at 10,000 yuan ($1,449) a day. ... "The VIP players will still continue to get their money from junkets, from the casinos as credit so this really will impact the best part of the market, the mass market." Read more: http://www.cnbc.com/2016/12/08/macaus-central-bank-to-clarify-policy-after-casino-shares-tumble.html
As @Tiptopptrader mentioned the drop was a over kill, I was lucky enough to grab some 95 calls before markets closed yesterday; that should make up the loss I had with my $105 calls.
Leong: new withdrawal limits per transaction will not affect gaming http://macaubusinessdaily.com/Gaming/Leong-new-withdrawal-limits-transaction-will-not-affect-gaming
Finally in profit-town with a nice +3.1% for WYNN today. Now up 2% on the position, and still targeting about $104.
Another small gap up at the open, but bounced off the highs of the day at the 50MA. Still looking good though for the recovery back into the 100's if the market holds. Just gotta get through resistance at the moving averages.
Still having trouble trying to break through the 50MA. Consolidation is good though for a more "legit" push forward.
First post here.. been lurking and learning since the days on HSM. Glad to see some of the same names coming over here. I have a JAN short call spread going on this to see how repeatable it's trading range is. Hopefully it inches upward and over the 50MA (Edit: 200MA).. but not too quick!
