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Booking the gain at 8%

Keith covered PNK in the Hedgeye virtual portfolio at $11.52, netting a 8% gain on the short trade.  According to Keith's model, TRADE resistance has moved to $12.54, while TREND resistance is at $14.79.  It's great timing considering the release of Louisiana's state gaming revenues, which showed L'Auberge had an explosive July, +17% YoY in revenues.  But we believe the exuberance will be short-lived as regional gaming will have to deal with a difficult macro environment ahead.  We remain bearish on the intermediate-term TREND.