The law persuaded publicly-traded PartyGaming to exit the U.S. market, leaving its riches for PokerStars and Full Tilt Poker and causing its once high-flying stock to plummet.
Should there be additional selling in the rest of the sector, traders should be alert to the potential for profit-taking in a high-flying utility stock such as Oneok.
For all these reasons, Levy is keeping more than 50% of his assets in Treasurys, and advises using any rally in the stock market to unload equities, including once-high-flying tech stocks that have fallen like lead.