Picked up a piece of Wynn Resorts (WYNN) at 88.20. This is purely a trade. I don't intend to hold this for that long. I'll likely be out of it before the end of this month. Let me say that I really don't follow technicals much, because I'm sure that all the technician types out there think I'm a nut trying to buy a stock that is in a bit of a free fall. Shares have fallen 20% in less than a month.
I can't call the stock cheap, but I also don't quite believe that size of a haircut is justified based on a decrease in activity due to fuel and economy problems or on new fears related to the increases in their Macau operation costs due to larger junket commissions. Maybe there are other factors, but based on watching this stock in the recent months, it seems that these two factors are responsible for the most recent leg down.
It's a big enough piece that I will have to be careful and keep a watchful eye. Anyway, I guess that's all for now.
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