Add WYNN Puts
Playing a $5.00 Drop
PLAY: Buy the WYNN October 65 Puts (UWY VM) at or under $2.25, good for the day. Place a protective stop limit at $1.60 and a sniper sell at $3.50.
Dear Bottarelli Research Member,
As I mentioned yesterday, shares of Wynn Resorts (WYNN – NASDAQ) look unable to rally above the $70.00 level. In the midst of two strong market upside moves, WYNN couldn’t mount any sort of strength, which leads me to believe that the shares are once again headed lower.
As you can see from the chart, a move down to $65 or even $60 looks very possible ($60.00 is where the next major support level falls). Therefore, let’s get positioned to play this downside using October puts.
PLAY: Buy the WYNN October 65 Puts (UWY VM) at or under $2.25, good for the day. Place a protective stop limit at $1.60 and a sniper sell at $3.50.
And as always…
Lock and load!
Sincerely,
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