I recommended a short trade in Wynn Resorts (NASDAQ: WYNN) on June 8, and it is time to take full profits today at $132. I still see potential for WYNN to move lower and eventually to our discussed profit area near $130; however, the stock fell quicker than expected and prudent risk management dictates we take profits here, put the money back on the sidelines and wait for new opportunities.�
WYNN’s peers, Las Vegas Sands (NYSE: LVS) and MGM Resorts (NYSE: MGM), also dropped in kind during recent days, and technically look to have the potential to go much lower, and we may reevaluate them next week. For now, we are happy to profits in WYNN and clear our heads over the weekend.
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