Lakes Entertainment, Inc. (NASDAQ:LACO) Apparent Breakout, But is it Real?

Lakes Entertainment, Inc. (NASDAQ: LACO) shows good momentum today and has crossed over above its 200 day M.A. Nonetheless a bigger, more profound bearish formation is in place which makes the case for a false breakout.

Lakes Entertainment is up more than 20% today, trading near $3.41 but it doesn’t look like a good value bet just yet. First we need to see it settle at least one more day above the 200 day, and second will Lakes Entertainment’s breakout survive the correction storm that’s coming to hit the markets? The timing just isn’t the best.