Bolling: Roll the Dice on Melco and Wynn

Editor's Note: Eric Bolling is new to TheStreet.com. A top Wall Street trader and an on-air television personality for the Fox Business Network, Bolling specializes in commodities, technology, resource trades and ETFs. He will provide regular picks in his column.

So I am on the set of the morning show "Money for Breakfast" on FOX Business and one of the guests was talking on his cell phone. He was saying that they were "recession-proof"....and that "people will still..... " do something or another -- his voice trailing off as he turned to go onto the set for a hit. It immediately brought to mind one of the oldest trading adages around: "You gotta love this stock because it is recession proof."

About 10 years ago, my mentor called me into his office to talk about some trades I was making. I have always been an extremely active commodities and equities trader, but at the time I was expanding into a wide range of sectors. Since he owned the clearinghouse where I cleared my trades, he saw all my activity. He is the Godfather to my son, so I have no problem with him seeing my trading activity.

This day, he brought me into his office and asked me why I was buying casino stocks. I said that these are 'recession proof' stocks. He looked me in the eye and I thought he was ready to say, "what the %@*!" Instead, he held the bewildered look for a beat or two and walked away. It didn't take anything more than that look to make my brain start to go into overdrive.

"Will people gamble as much even if their wallets are getting thinner or their job is in question? No you idiot, that's crazy."