Take WYNN and FLR Profits!
Lock in 59% and 38% Gainers
PLAY: Sell your WYNN October 65 Puts (UWY VM) at market, good for the day.
PLAY: Sell your FLR October 50 Puts (FLR VJ) at market, good for the day.
Dear Bottarelli Research Member,
Good morning. The markets are opening with an ugly loss this morning, which comes on the heels of yesterday’s 200-point decline. While it’s anyone’s guess as to whether we’ll see “dip buying” off today’s drop, we certainly did not see any sort of buying support yesterday. Therefore, it sure seems like the correction we’ve all been expecting is now coming into play.
Today’s opening session drop was sparked by the U.S. Labor Department, who reported that the unemployment rate hit a 26-year high of 9.8%, marking the 21st consecutive month of job losses. Since the recession began in December of 2007, over 7.2 million jobs have been lost. Folks, the unemployment situation is getting worse, not better. And this is causing concern as to whether or not the recent market rally can last.
In terms of our positions, the WYNN October 65 Puts (UWY VM) that we entered for $2.70 have opened the day at $4.30, good for a 59% gainer. Lock in these profits now!
PLAY: Sell your WYNN October 65 Puts (UWY VM) at market, good for the day.
At the same time, the FLR October 50 Puts (FLR VJ) that we entered yesterday for $1.80 have opened the day at $2.50, good for a 38.8% gainer. Lock in these profits as well!
PLAY: Sell your FLR October 50 Puts (FLR VJ) at market, good for the day.
And finally, reduce your upside exposure by closing out your DRYS October 6 Calls (OOC JF).
As always, I’ll follow up as the session progresses. Until then…
Lock and load!
Sincerely,
© 2012 CSR Group, LLC. All rights reserved. Published in USA.
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