Take WYNN Profits
Lock in Gains Prior to Earnings
PLAY: Sell your WYNN March 60 Puts (O:WYNN 10O60.00) at market, good for the day.
Dear Bottarelli Research Member,
Shares of Wynn Resorts (WYNN – NASDAQ) are selling off into the close.
As you know, WYNN reports earnings after the bell today. Citing a bearish bias, we entered the WYNN March 60 Puts (O:WYNN 10O60.00) for $2.20, and they’ve just hit a high of $2.57, good for a quick 16.8% gainer.
Typically, I’d tell you to sell half of your position and hold the remainder for more upside. In fact, for all you speculators out there, this is probably the best way to balance your risk versus reward. But for some reason, I think we simply eliminate the earnings risk and lock in ALL of our gains now. That way, we have profits in hand no matter how WYNN reacts to their upcoming numbers. Play it safe and take the money off the table now!
PLAY: Sell your WYNN March 60 Puts (O:WYNN 10O60.00) at market, good for the day.
NOTE: If you decide to hold onto half of your puts, I’ll follow up on the position tomorrow.
And as always…
Lock and load!
Sincerely,
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