Last week we took a look and traded (at vrtrader.com) Wynn Resorts (WYNN) and today we're taking a look at MGM Resorts (MGM) also a gaming stock, but one that went in the opposite direction of WYNN late last week. More importantly, however, MGM presents an excellent example of the power of the Leibovit Volume Reversal Indicator which is available here at Metastock
Note the big Leibovit Negative VR onand the ensuing significant decline. Note the Leibovit Positive VR on was not confirmed by a declining 5/3/3/ stochastic and should have been ignored at that time. The Leibovit Positive VR on January 27 resulted in a three day rally, The Leibovit Negative VR on February 2 confirmed a five-day decline - both confirmed by a rising and then declining 5/3/3 stochastic. A Leibovit Positive VR on February 12 triggered a three day rally and the Leibovit Negative VR on February 18 has so far resulted in a two-day decline - again both confirmed a respective rising and then declining 5/3/3 stochastic.
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