Wynn Resorts Option Bulls Active After Macau Data

WYNN's April calls are popular as the stock attempts to conquer its 200-day

Apr 1, 2019 at 1:43 PM
facebook X logo linkedin

Casino stocks are mostly higher today, thanks to the latest data out of gambling enclave Macau. Specifically, while Macau revenue fell 0.4% year-over-year in March, it was the biggest month of 2019 and was in line with expectations. In addition, optimism about U.S.-China trade relations is also likely boosting stocks with exposure to both countries. Against this backdrop, Wynn Resorts, Limited (NASDAQ:WYNN) shares have gapped higher today, and WYNN options are trading at an accelerated clip.

WYNN stock was last seen 7.5% higher at $128.32, and on pace to conquer its 200-day moving average for the first time since June. Further, the casino name is set for its biggest single-session gain of 2019. However, the security could find a familiar wall in the $130-$131 area, which stifled WYNN's rally attempts last month.

WYNN stock chart April 1

So far today, about 15,000 calls and 9,000 puts have traded on WYNN -- roughly two times the average intraday volume. Most popular is the weekly 4/5 130-strike call, and the April 135 call, where it looks like traders are buying the options to open. If so, the weekly call buyers expect WYNN to top $130 by Friday's close, while the April 135 call buyers expect the stock to be north of $135 by expiration on Thursday, April 18.

Today's appetite for bullish bets is just more of the same, though. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the stock's 10-day call/put volume ratio of 3.30 indicates traders have bought to open more than three Wynn Resorts calls for every put in the past two weeks. What's more, this ratio is in the 94th percentile of its annual range, pointing to a bigger-than-usual call bias among buyers of late.


Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls



Rainmaker Ads CGI