Put seller bets on Wynn holding support


Wynn Resorts is climbing again today, and one trader is wagering that the casino operator's stock will hold above a key support level through the first half of next year.

WYNN is up 1.33 percent at $113.89, continuing its rebound off support at $104 that began two weeks ago. It is off the morning's high of $115.69, which just about matched prices from the start of the month, their highest since the start of May.

A trader sold 3,000 June 102.50 puts for the bid price of $6.05, according to optionMONSTER's tracking systems. Open interest in the strike was just 127 at the beginning of the day, so this is a new position.

The put selling is a bet that shares will hold that $102.50 strike price in the next six months. WYNN was below that level in mid-September and under $85 in the start of August.

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