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This post was written by Minyanville contributor Smita Sadana (position in NFLX).
My trading-experiences have shown me that the strong usually do not fall without putting up a good fight. In that spirit, I am looking for a long position in Netflix (NASDAQ: NFLX), that we had let go in the vicinity of $42.
Now that NFLX has rewound some of its dramatic ascend and come to the 20-day moving average and is trading just around $39.30, it might re-attempt to scale higher. I would have really liked if my entry had been closer to the lateral trendline (around $38.20), but one can only react to the moves of the market, not predict them.
And all my positions come with stops. A high volume break and close below the lateral trendline and the 50-day moving average would be very concerning.
The shorts are still firmly entrenched in NFLX; last I checked the short percent of float was a whopping 40%, so any move higher on a dismal day like today should bring them out to cover.
Earnings date has not been released yet but going back to January numbers, it should be in the third week of April. That should also keep the stock buoyant.
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