Reload on WYNN
More Room to Fall
PLAY: Buy the WYNN October 65 Puts (UWY VM) at or under $2.75, good for the day. Place a protective stop limit at $1.90 and a sniper sell at $4.60.
Dear Bottarelli Research Member,
After locking in a 30% winner on our WYNN October 70 Puts (UWY VN), I got the sense that I jumped the gun by exiting this position. While I’ll never apologize for taking a profit, I do think that WYNN still has room to move down. Therefore, I’d like to reload our WYNN put ledger by moving one strike price lower and playing an extended downside move. Now that WYNN’s Hong-Kong IPO is over and done with, the upside trigger that was fueling WYNN’s run is over. Combine this with a market that’s now selling off, and WYNN continues to look weak. Let’s re-establish a downside position now!
PLAY: Buy the WYNN October 65 Puts (UWY VM) at or under $2.75, good for the day. Place a protective stop limit at $1.90 and a sniper sell at $4.60.
At the same time, our SHLD October 65 Puts (KTQ VM) are coming to us, as SHLD is really starting to experience weakness. Hold for more gains!
And as always…
Lock and load!
Sincerely,
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