Wynn Resorts (WYNN) Ready for New Highs?


After hitting all-time highs in March, Wynn Resorts (WYNN) shares have been under some pressure, as Macau  and other concerns, weighed on the gaming sector. The stock faded over $50 from it's $249 March high, and has battled to stay over $200 since May.

I think it would be safe to say many were expecting a weak  second quarter of results when Wynn Resorts (WYNN) reported earnings this morning. Instead, Wynn Resorts (WYNN) reported a decent quarter, besting eps estimates, while slightly missing on the revenue side.

I think this report marks the bottom for both Las Vegas Sands (LVS) and Wynn Resorts (WYNN), and both stocks  can look towards hitting new all-time highs before the year is out.

I added some weekly calls on Wynn Resorts (WYNN) this morning, and will look to add more calls in the coming days. I expect the stock to trade above $220 today, and possible $230+ before the weeks out.

WYNN calls

WYNN 7-29-14 aHappy Trading!!


JimmyBob (Scott)has been trading equities for over 15 years, a majority of which were OTC micro-cap stocks. He started trading high risk stock options over the past 7 years, and has proven winning trades in excess of 15,000%.

As one of the Co-Founders of optionmillionaires.com, Scott enjoys sharing his knowledge with other investors through timely blog posts, daily watch lists in the forum, weekly webinars, and helpful advice within the chatroom.

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