Casino stocks rally, and chart signals another 26% surge

Their recovery is not over yet, says Ari Wald, head of technical analysis at"Typically at market turning points you're going to see investors embrace the most beaten-up laggards. For the S&P casinos industry, we are seeing that stability over the last eight weeks. I think you test the underside of that 200-day," Wald told CNBC's "The S&P casinos' subgroup would need to rally nearly 26% to reach its 200-day moving average.

"It's really just a beta trade. Yes, they overshot to the downside, getting some relief to the upside, but there's some longer-term concerns. We think instead the premium is going to be on high-growth companies in this low-yielding recovery.""The markets are betting on a rebound in Macau.dominates.

Gaming revenue in the gambling destination Macau plummeted 93.2% in May. Stocks rose, however, as traders looked beyond the drop to signs of recovery. "The return to Macau is going to be much more rapid than the return to Vegas and much more manageable, more supportive from a casino point of view," he said. "Therefore, if you're going to make the bet, make the bet to LVS because that's going to be the profit maker for them, not Vegas but Macau."

Revenue for Las Vegas Sands' Macau operation hauled in $8.83 billion in revenue in 2019, 63% of LVS' total last year.

TradingNation Let’s don’t forget about Century Casinos...they have a strong gaming business as well that is already seeing gains in some of their open casinos.

TradingNation People are gambling their unemployment checks. This is insane.

TradingNation there must be 10-15 casinos within 30 minutes of my abode and i can proudly say i've never stepped in one of them.😉

TradingNation caminho_jr charts 📈

TradingNation While the casinos and sports betting parlors closed, the stock market casino is the only game in town.

TradingNation $IGT

TradingNation Absolute clown market.

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