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Joined Apr 1, 2010
8,861 Blog Posts
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it’s sitting right on its 50 day MA, which is around 202; a break of that would probably be good donwside confirmation
Shooting stars, contrary to popular belief, are actually quite bullish, especially when they happen to one of the best performing stocks in the universe.
Categorically wrong. After a clear uptrend, they are reliably bearish.
Just like the last time it happened around 120? If these were ‘reliably bearish’ we’d all be billionaires. The fact is, my backtested results with very few qualifiers (i.e. established uptrend), show this pattern is quite bullish. Plus, on the times it isn’t you still have the long-term, intermediate-term, and short-term all working in your favor. Whatever, I’m sure you know what you’re doing.
If you had read and followed this post last May, you would have been prepared and avoided a choppy summer with a bearish bias. Note the shooting stars on those charts: http://ibankcoin.com/chessnwine/2010/05/30/monthly-charts-from-hell/
It doesn’t mean NFLX has topped forever. It does mean swing longs need to be very careful in the next few weeks/months.