Tuesday, October 23, 2012

The Daily Note - $NFLX Watcha Gonna Watch?

***** Watcha gonna watch? It's been over a year since I followed and traded $NFLX to the long side. It was an uphill battle, both figuratively and literally, against all opinion and well rewarded for those who followed. When you look at the longer term weekly chart it looks something like the forming of the Sierra Mountain range here in California; sloping to one side, steep decent on the other. The downside was easier because it finally went to the side of the "non-believers"; how many of them suffered on the way up, I cannot guess.

I was following the daily charts then, seeing many cloud formations which I spoke about in my posts and followers may recall. They were compelling the way the breakouts formed and continued upward with gaps, just like the way down. I am not abandoning those pattern thoughts this time either, but I am not watching the dailies as much and I'm not trading Netflix frequently.

I often mention that I must pay attention to something that grabs my notice, and this time it's the weekly where I see a possibility of continued breakout. Of course with the question of the earnings report this afternoon it's not a good idea to jump on today, but see if the pattern will continue tomorrow after the announcement today.

High Sierra by Linda Ronstadt on Grooveshark

Happy Trading, Living and Dancing

The Daily Pick - $NFLX

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