(Unrelated, but critical: if you haven’t already, delete your cookies.)
As most of you know, my guys and I pulled an all-nighter so that, at long, long last, we changed our host provider (that is, the servers which provide Slope and all its services). This was actually our third attempt over the past month, and we finally succeeded. Slope is a very, very, VERY complicated site (even to very experienced people), so it truly was like changing jet engines on an airborne flight.
At 4 this morning, when we threw the switch, it seemed things went pretty well. In fact, I thought we were just about done. On a scale of 1 to 10, however, we were actually at about a “2”. Just about everything was broken. But we improved steadily throughout the day. I’d say we’re at about an “9” right now. The broken stuff that remains is pretty much just internal administrative pages and SocialTrade stacks..
In the meantime, let me share some thoughts about the market in general and Netflix in particular. About the middle of the trading day, I was captivated by a chart of the ES which looked like a beautiful short-term top. I tinted the area where I thought it would go. Since I am in a sleep-deprived stupor, however, I didn’t post it.
Sadly, my prediction transpired beautifully (OK, I guess it’s not actually “sad”). The ES ground its way down, in spite of the usual D.C. attempts to fake-prop this thing higher. So it was a really good day.
After the closing bell, however, is when the real fun began, particularly with one of my short positions, Netflix (NFLX). Bombs away!
Looking at the daily chart, you can see that it has failed medium-term support. We could see lower prices tomorrow than we are seeing in this evening session.
I would particularly like to point out that Netflix is miles – – – miles!! – – away from principal long-term support. This is a breathtakingly overvalued stock with a preposterous triple-digit P/E ratio, so this could be the start of a much larger wipeout.
And now, just like Netflix, I’m going to crash.