Selling WYNN puts for income.
Wynn Resorts (WYNN) is a play on the global post-covid reopening. And it also has direct ties to China — a country that is taking steps to reopen some of its most important cities.
Shares of WYNN are moving higher, breaking above key resistance levels. This surge should lead to a sustained rally for the travel stock. And that rally gives us an excellent chance to lock in more income from this popular travel & leisure stock.
By selling the July $67.50 puts near $3.15, we’re able to collect an annualized yield near 46%, while also giving us roughly $3.20 per share in cushion between the current market price for WYNN and our strike price.
- Sell (to open) 1 WYNN July 15th $67.50 put
- Limit: $3.15 or more
- The new position will represent roughly 7.5% of our model.
- 15:41 Executed
- Sold 1 WYNN Jul 15th $67.50 Put @ $3.35