Wynn Resorts (WYNN) - Selling the calls on WYNN has been a costly move. However, you may have been disciplined enough to cover the calls on the first move above the $95 resistance on 7/21. If you didn't you had another chance to cover the position when WYNN dropped to $87.23 on 7/25 after the 7/24 earnings release. So you should be out of the calls on all of the risk management parameters. We are looking at selling one $110 call for 2 of the existing August 60 puts to recoup some of the loss. In addition, we are selling the $85 puts and buying the $60 puts to close for a net credit of $1.20 per contract.
McDermott continues to show weakness and should be closed out by now. Actually, the technical stop was hit over a week ago but now the cost basis stop has been violated.