Lock in PBR Profits

Also: WYNN Stopped

By Bryan Bottarelli
Thursday, September 11, 2008 2:10 PM EDT
Thu, 11 Sep 2008 18:10:00 GMT

PLAY: Sell your PBR October 40 Calls (PMJ JH) at or above $4.10, good for the day.

Dear Bottarelli Research Member,

We’ve had a tough situation with shares of Wynn Resorts and Casinos (WYNN – NASDAQ), as we tried to use early-session weakness to lock in profits on our WYNN September 80 Puts (UWY UP). But as it turns out, sharp volatility quickly reversed this position, which ultimately triggered our stop loss at $2.00. While I still feel that WYNN shares will re-test the $70.00 level, our put position is now officially closed.

WYNN

On a more positive note, our PBR October 40 Calls (PMJ JH) are behaving exactly as we thought. When I issued this trade earlier today, I set a pre-determined sniper sell at $4.30. And as I write, these calls have traded as high as $4.20, good for a quick 32% gainer. That’s good enough for me! Therefore, let’s go ahead and lock in these profits now!

PBR

PLAY: Sell your PBR October 40 Calls (PMJ JH) at or above $4.10, good for the day.

And as always…

Lock and load!

Sincerely,

Bryan Bottarelli

Bryan Bottarelli
Editor, Bottarelli Research

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