NEW TRADE * WYNN * puts 11/07/11

Wynn Resorts (WYNN $128.09) Hotels, casinos. Stock has been on a heck of a run the last two years in a trend that should continue. That said the shorter term outlook is showing a bearish picture. Decent earnings report last week along with a special dividend should have breathed new life into the sector leader, instead we have selling of size along with all key support levels failing to hold.

Our play is the out of the money December 125 puts, with a target of 111. Exit point is 133.79 on a closing basis.

RECAP

BUY the WYNN Dec. 16, 2011 ** $125.00 puts, currently $6.70 bid/$6.85 ask, at MARKET to OPEN a position.

Good luck
Joe Lesko
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Result
TRADE ALERT * WYNN * puts 11/11/11

WYNN $124.50 + 5.25 // bounced with the market this morning. The initial move was probably fuelled by short covering, but since then we see a steady trend of new buys. With Dec. dated puts, the market in rally mode along with the stock hovering near our 125 strike, the risk reward is no longer in our favor. Let's bank a small profit and step aside.

RECAP

SELL the WYNN Dec, 16, 2011 ** $125.00 puts, currently $7.65 bid, at MARKET to CLOSE your positions

Joe Lesko