PLAY: Buy the WYNN April 125 Calls (O:WYNN 11D125.00) at or under $4.60 (or best price), good for the day. Place a protective stop limit at $3.20 and a pre-determined sniper sell at $7.90.
Dear Bottarelli Research Member,
First off, congratulations on your First Solar (FSLR – NASDAQ) profits. Considering the patience we had to endure with this one, we all deserve every ounce of the 66% profit we locked in this morning. As we review the markets, my staff and I believe that it’s worthwhile to stick a toe in the water using an upside call play. But as we mentioned before, we’re only looking for stocks bouncing off the strongest support levels. Although names like Apple and F5 Networks remain strong upside possibilities, we’d rather wait for a pullback to enter. But in the meantime, we have an opportunity right now to play calls on Wynn Resorts (WYNN – NASDAQ).
As you can see, the $120 level is a very strong support point. And with March Madness about to tip off this week, we could easily see a pop in WYNN’s stock price. Therefore, let’s enter a “starter” position in WYNN right at this support level and play the forthcoming strength. Plus, we’ll give ourselves time by moving out until April. This will give us the wiggle room to let WYNN make its move. Here’s the play…
PLAY: Buy the WYNN April 125 Calls (O:WYNN 11D125.00) at or under $4.60 (or best price), good for the day. Place a protective stop limit at $3.20 and a pre-determined sniper sell at $7.90.
And as always…
Lock and load!
Sincerely,
