Monday, November 8, 2010

Surprise: Cramer is Bullish on MGM Resorts (MGM)!

We have a saying at Credit Bubble Stocks, never short anything unless Cramer is bullish or it is on the Goldman Sachs conviction buy list.

I think the only reason that MGM is up today is Cramer was on teevee to say that "MGM is high risk stock play, whose gamble could pay big".

He blathered something about Las Vegas being close to a turnaround, but the latest data from Las Vegas McCarran airport would suggest that is not the case. Passenger traffic continues to be down 2% year over year from 2009. And there was a 6.4% drop from August 2010 to September 2010.

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