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Wynn - may be forming a nice flat cup bottom but fighting to stay above 50 day. Is a nice stock worth watching.
LVS - doesn't stay under 50 day but needs to come up some more. Good fundamentals
MGM - why?
LVS may be forming a double bottom here
I realize from a CANSLIM Perspective these stocks you want to wait for the breakout, but what about trading from a bounce or picking up the stock around the 50 dma. Does anybody do this purely as a trade or pick up on its lows to hold onto.I guess what I'm asking is are these good entry points for the stock. Either one? Trying to gauge the best way to enter. Or would you only buy into a bounce off the 50 day on an upward trend rather than in a base or like mentioned a possible double bottom.
For Wynn and LVS I use the number of days from expiration to determine when to enter the position. I've been trading these using various butterfly strategies at 35 days out. I look at the charts and use d-grids to determine if the positon will be neutral, bearish, or bullish. Currently have for wynn Jan 100/105/110 and 105/110/115 butterflies for neutral position between 102 and 113. LVS recently breached the 10 week and thinking the reaction may be a bounce up I decided to leg into a butterfly beginning with long 46 calls. LVS options are much more liquid than Wynn trading 121,000 contracts per day vs 18,000. LVS and WYNN and both good vehicles for options trading.
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