Wynn Resorts Stock Is A Near Term Buy

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Wynn Resorts Stock Is A Near Term Buy

By Navivest on February 6, 2009 | More Posts By Navivest | Author's Website

The stock market seems poised for a big bounce in coming days and on that, we are recommending Wynn Resorts (WYNN).

The stock has done a very good job bouncing off and holding above the $29-30 area and we should see it climb above $30 again in coming days. Today (Thursday), it is up $1.80 and climbing.

Next week, we may get announcements from the Obama administration that could send the markets up temporarily, so we are looking for Wynn to break nicely above $30. Buy.

This is not a long-term recommendation. Once the WYNN hits the $30.50 area, look to exit, unless the stock market is exceptionally strong, in which case, ride for a day more or so, then exit.

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