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Monarch Casino Breaks above $21 on Decent Volume
June 9, 2005: One of our recently-profiled Stocks, Monarch Casino & Resort (MCRI), today broke well above resistance at $21 on significant volume (444k vs 3 month average Volume of 262k). MCRI eventually finished the day up $1.57 or 7.65% at $22.08. Late in the trading session, we added it to our GI portfolio at $21.76.
The late surge towards the end of the day and the significant volume
leads the Graham Investor to believe that institutional buying may be
pushing the price up, which is a bonus. Hopefully we will see a couple
more days of upward bias before the price settles down a little.
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