The Dow fell 76 points, or 0.7%, to 10,662.. After reaching up to 1137 intraday, the S&P 500 fell 9 points, or 0.8%, to 1,124. Even the Nasdaq, which actually spent most of the day on positive ground, fell 7points, or 0.3%, to 2,327. The CBOE Volatility Index, spiked more than 6 percent, to about 24. Top 10 key S&P sectors fell, including technology, which were also trending higher for most of the day.
The stock I'm looking at today is Wynn Resorts (WYNN). It pierced it's 50-day moving average today, falling 4.5% and closed at $87.05. It would be interesting to see if it rolls over here and consolidates around this price or if it falls further into its oversold territory. I think this is a great price for this stock and I like the worldwide gaming exposure this company provides. If the stock doesn't hold at this level, I think it can fall further to around $80, and then, an entry decision would need to be re-examined. However, if it can hold here, this could rebound up to $95 or better. This stock is heavily traded among the investment community, so keep your eyes on this one.
As always, stay cautious. Friday will bring us durable goods orders and new home sales. Take a break and have some fun at Wall Street Survivor below! Happy Trading!
Obligatory disclaimer: This blog is for information only. Past results do not guarantee future performance. All financial decisions involve risk and there are no guarantees. The suggestions above are for informational purposes only and the blogger is not liable for any losses incurred as a result of actual investment activity on the part of the reader.
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