Friday was an interesting day for me. We had a large down move Thursday followed by a large drop in overnight futures. When we see this sort of price action we immediately shift our AM Gameplan to a discussion of market related ETFs as with more volatility they offer the least risk with good upside. We also want to look … Read More
My Thought Process: $NFLX
NFLX had a very powerful downtrend the prior day when it broke the March 28th support of 188.70. I was continuing to monitor it for a break of the 180-179 area. I missed the initial short entry on the Open when it held below 182. As luck would have it I returned to the desk just as NFLX was spiking … Read More
NFLX Buyers Running the Show
In yesterday’s AM Meeting we talked about NFLX. It appeared to be getting ready for an explosive move. The narrowing of its trading range as well as several tests of both the top and bottom of the range set it up for a large move when it finally broke. I laid out the bear case on a break through 180/179 … Read More
One Netflix Trade
NFLX has been in play since the huge move on Thursday. I looked to trade it on the short side on Friday as it was overextended and had a powerful Opening Drive to the downside. It ended trading off about four points from its high but failed to close below 81 which had been a key support level on Thursday. … Read More
Using Prior Days’ Price Action–NFLX
Prior to the Open of Friday’s shortened trading session there was not much in the way of fresh news catalysts. So my first trading choices were second and third day plays. For those of you who are new to the SMB Blog you can use the “search” feature on the blog to review posts explaining how and why we trade … Read More
Why I Was Long NFLX
The other day I tweeted that I was long NFLX and short SPY and that it felt kind of “weird”. I wrote “weird” because the easy money trading NFLX had been on the short side for over a month and at the time the SPY was in a multi-week uptrend. As an intraday trader I often will take trades that … Read More