Wednesday's gains pushed two of our positions to levels where we need to take profits.
First the bad news. We were stopped out of the Cliff's Natural Resources position on the post FOMC dip. Fortunately we did not lose any money despite being stopped at the high of the day on the option. CLF hit our stop at 65.75 at 2:16 PM and 65-cents on the option.
WMWare gained +1.08 to close right at a three week high. The option traded as low as 30 cents and I am recommending we exit at the open on Thursday. If the bullishness carries forward into Thursday we should be able to exit for a $1 profit.
Wynn Resorts lost ground at the open but rallied to close at the high for the day. Despite the rebound to $111 Citigroup reiterated its sell rating and a price target of $90. The option traded as low as 11-cents so it is time to go. Please exit the WYNN position at the open.
I am also recommending we put an exit target of 25-cents on the short CRM $95 put. If the put trades at 25-cents exit the play.
I am still factoring in the potential for a sell the news event and I won't be comfortable until we get to next week. I will provide some new plays in the weekend newsletter.