A Trade A Day

So I was stopped out of WYNN today. Actually, I wasn’t just a stopped out. WYNN gave me the a big FU!!! That’s ok though, I deserved it for staying in the trade that long. This is what should ideally happen: When a stock breaks out you need to see a surge of volume and rapid price movement.

What happened with WYNN is there wasn’t a volume surge and the price never really showed strong downward pressure. The price kind of bounced around. It acted like it wanted to head lower, but in reality there wasn’t the conviction (volume) to necessitate the price move I was looking for. Support from the 50 day SMA in conjunction with the overall NASDAQ direction didn’t help.

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