WYNN was an amazing short term trade. It may go lower tomorrow on continued weakness but I was not greedy with a 100%+ return on my puts. Many of my members made a pile of cash just on this one trade alone. Notice how quickly it ran up to $60 (when I called the short) and how quickly it fell right back down to the $45 range.
In the FOREX markets, the GBP still looks like a great long candidate, but I am waiting until the interest rate meetings in Europe this week. If they cut rates this thing may move lower and present an even better opportunity.
The CAD has been an amazing trade as well. If you dont remember I advised everyone to short this one at virtually the exact highs last week. I think its fallen to fast and is due for a very quick rebound (if any) before continuing the slide. A note to my memebers: I know I havent been active in the Forex markets lately and its because I think we can get better prices on these trades. We should all wait until we know where interest rates are going before we make a decision to go long or short.
I am still ga-ga about MMM. It tried to breakout of its Fib levels today an failed miserably. Additionally, it showed us a great shooting star pattern. I have puts on this and am looking for it to fall near the $57.50 level before I close the trade out.
During the rest of the week I think we are going to see continued selling pressure. If we do make another run higher, look for the highs yesterday as areas of resistance. Let's make it a great final week of trading!
