In early afternoon trading, Wynn Resorts (WYNN) is up $0.87 to $86.90 and we are looking for some more upside in the shares. Yesterday, we sent out a buy trade alert to subscribers of our Navivest Options Capitalist service on the Wynn July 90 calls.

We also like commodity related stocks, which while already up on the day, should see some more upside. In the space, we like Freeport McMoRan (FCX), which is only up $1.26 to $64.70.

This is a short term trade and traders should look to take very early profits of $1.50 to $2.50. Enter only if the Dow is moving to the upside today.

On March 15, shares of apparel company Phillips Van Heusen (PVH), gapped higher at the open, starting the day at $52, from the prior day’s close of $47.74. The stock advanced on news that the company was acquiring Tommy Hilfiger. Since then through yesterday, the stock has risen an incredible 25.26%, dramatically outpacing the overall stock market.

The shares gave up some of those gains in the three sessions prior to yesterday, closing lower on Friday, Monday and Tuesday.

Yesterday, the stock turned around and broke above a very short-term trading range and it looks like we may see another wave of continued upside moves.

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With the momentum in the stock, we should continue to see some more upside in the stock.

Navivest provides subscription-based trading recommendations. More information on our services can be found on our website at http://www.navivest.com

On March 11, the stock closed at $133.58. The next day, the stock hit a high of $134.20, but closed at $131.82, a negative signal, considering the recent bull run. During the trading day on March 12, we sent out an alert to subscribers of The Options Capitalist, that they purchase the April 130 puts as we felt the stock had hit a near term top.

Since then, the stock has slowly trended downwards, closing today at $128.04.

We would have liked to see the stock close below $128, which would have been a breakdown of near-term support. If the stock holds above $128 tomorrow, we will be closing out the position.

With a hold above $128, Amazon could rebound a bit although we do advocate caution. The market is still due for a correction and the Greece story keeps getting worse and now Portugal is coming to the forefront with its problems.

On January 5, the stock, which had been in a downtrend since October, hit a bottom of $48.18, and started rebounding. This was a very bullish signal, as the stock had long-term support at $48, which was maintained. The stock has tested or fallen to the $48 area four times going back to August and each time, the shares bounced off that area.

Since the January rebound, the stock has had a nice upward formation, culminating in Friday’s decent move.

GENZ is once again butting against resistance, but we would look for short-term buying opportunities. If the shares are moving to the upside, we would enter and look to capture two to three points.

The April 57.50 calls are asking $2.85 and a $1 move to the upside from here on Monday or Tuesday could mean a better than 40% gain.

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Sterling Construction

On Monday, before the stock market open, Sterling Construction (STRL) reported earnings that disappointed Wall Street. The stock gapped down, opening at $18.44, from a close of $21.15 the Friday prior and ended the session at $17.64. On Tuesday, there was further erosion of the company’s market capitalization, as the stock lost another $1.59.

On Wednesday, on an upgrade from KeyBanc Capital Markets, Sterling Construction rose $1.50 to close at $17.55, an incredible one-day gain of 9.35%.

With the turnaround, the stock is giving off some bullish technical signals, which could be a signal that there are some nice quick profits to be had in the shares. The $16 area is a key support area, which we did not want to see violated and while the stock did hit an intra-day low of $15.91 on Tuesday and $15.56 on Wednesday, the stock closed above this key area on Wednesday.

Sterling Construction may look to break above $18 and hit $19 near-term, which would be an 8% gain and while we would look for major resistance at $19, we may even see some more upside in a bullish stock market, as the stock looks to fill the downside gap created this week.

This would be a short-term play and a long trade should be initiated only if the stock is moving to the upside. Upon entry, we would look to take quick profits, exiting the trade on a 5% gain.

With analysts bound to question why the company would revise so sharply in so short a period, the company’s explanation was, “the upward revision reflects a sharp rebound in potash demand that is expected to drive a record quarter for North American sales volumes and strong offshore shipments, as well as higher-than-expected margins in nitrogen and phosphate.”

The dramatic improvement in the company’s fortunes, make the shares a buy, although we are now against resistance, with a double top formation in play at current levels. As such, we would look for a break above current levels, before going long the shares.