Stock, Option and Futures Trading
AMZN got wild, TZA, WYNN Calls
Today AMZN came down to the $189 stop. I am not sure what happened but AMZN went down over 5 points in a matter of minutes then came right back up. We noted that we would want to be buyers are the $185 but now it looks as though AMZN will trade higher without going back down to $185. For the weekly option traders keep an eye on AMZN tomorrow and if it opens strong AMZN could be at $200 this week.
We had a feeling something was going to happen today so we entered the TZA calls which is a cheap way to have downside exposure. The move was to the upside at the end of the day but the option only lost 10 cents in value. The stop on TZA would be .90 cents on the option to risk .25 cents.
We were also watching WYNN today to buy calls at the $110 level but wanted to wait to see how the day closed. Tomorrow if WYNN takes out the $111.90 high the March 120 calls look good. The calls closed today at $1.70 up 16% on the day. The target for WYNN is $117 with a stop at $109 for now.
$111.30 on WYNN is a more aggressive entry.