NFLX Position Update

Yesterday I said NFLX, GOOD and PCLN all looked like parabolic moves that would fail, so far all 3 have.

I like NFLX, perhaps as a core short position, but I'd rather keep a closer eye on this one, if I had room or if I can make room, I'd put at least a partial short NFLX position in place. There's a small intraday bounce right now that may allow enough upside to fill out a full size position.

Really in the larger scheme of things, I don't see any reason why I wouldn't take a full size position here and now, but you may have some very near term upside like I just mentioned, on a daily chart basis though, I'd probably just go ahead and take it here and now.

 I don't like to chase anything, but on a daily chart, this really isn't chasing, it's a reversal Star candle with a confirmation bearish engulfing candle today, that's not really chasing especially looking at the larger picture.

 This is the daily 3C negative divegrence so NFLX has some decent downside to go.

On an intraday basis...

 This 10 min chart shows where the trend Channel broke for NFLX as I showed yesterday, it was lucky to catch the overall market's move just after as 2/3rds of the directional pull on any given stock comes from the overall market.

 This is the 10 min chart intraday, as I said yesterday, I don't trust parabolic moves and I thought all 3 would fail (NFLX, PCLN and GOOG) and all 3 have failed thus far.

 This is the 5 min chart, it's not just the broad market that's seeing pump and dump.

This is the 1 min intrraday divegrence that built just a few minutes back and we are seeing a bit of upside.

I'd seriously consider entering at least a partial position if I could make some room (SHORT) and try to see if I could enter the rest on a move a bit higher/


Bottom line is I like NFLX as a short, it may have to be watched over a bit more than some others, but I'd prefer to be able to trade around it and make more gains.