I entered a long trade on CZR as it was reported that Nevada Casinos had a record 18% gaming win growth in January and Macau gaming revenue rose 33% in February.
Price had also crossed the resistance line of 51 and if it goes well should continue it's move up the range to 56.42
Whats The Plan/Trade/Thought We have to adopt a Range market stance. When markets are going up with optimism , we will peg categories with strong fundamentals and a growth story as that will be where money will flow into.
Also if sentiment turns to fear, these strong categories with a growth story should be able to weather the fear sentiment better than most.
This hypothesis is tied to US companies that has a China opening growth story with a focus on service. Hence the Casino & Resorts category
Added 2200 to the position so that we can average down and also CZR is getting some good Seeking Alpha articles that is aligned to my initial hypothesis on gaming