Following our short open on WYNN on June 7th, as discussed here http://www.investorplace.com/44545/stock-to-short-wynn-resorts-nasdaq-wynn/, we are taking 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 here dictates we take profits, put money back on the sidelines and wait for new opportunities.
WYNN's peers (LVS and MGM) also dropped in kind over recent days and technically look to have potential much lower. This is something however we will reevaluate next week. For now we are happy to take the cash-flow trade in WYNN, take the profits and clear our heads over the weekend.
