PPages
Short

Bearish on WYNN

NASDAQ:WYNN   WYNN RESORTS LTD
17 0 0
Reasons for shorting
1. WYNN has formed a bearish "M" pattern. It is currently testing 63.1 support. If it breaks that support with doubled or higher than the last day volume , then it may be a potential buy.
2. The SPY             is currently bearish . The next support level is near and around 200. If the SPY             continues down as I suspect it will, WYNN will likely also follow that trend. If not, however, WYNN may not be a buy.
3. Finally, WYNN has a weighted alpha of -67 which is another bearish indicator.
Profit/Loss
1. If 63.1 is broken, I will buy at that price. I will sell for a profit at 55.2 (about 2 average true ranges(12%)) and sell for a loss at 66.8(1 average true range (6%)).If the price breaks 61, I will then begin to use a trailing stop.
Summary
The SPY             needs to continue to be bearish on Monday in addition to WYNN breaking support at 63.1 with definitive volume for me to buy.
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