WYNN had a decent rally after earnings
to squeeze out the short sellers that were leaning on it due to lowered guidance over the past few months. Note how WYNN has lifted above key resistance from the past two earnings
releases at 206.50 and 209.00 (green lines to the right of the EPS
triangle) and yet once again has rolled over under the latest earnings
release at 213. So, I may be jumping the gun here but given this setup and the weak revenues in Macau leading to potentially lower future earnings
estimates, but the trade has reasonable risk/reward parameters. 190 target (down 19 pts) versus risk (up 4 pts) for a ratio that is nearly 5:1.
The Range Movement line is not strongly down, but still in a downtrend since it hasn't hit a 2-month high.
3:42PM EST 8/5/2014
Last 208.77 bid
3:36PM EST 8/5/2014 Tuesday