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Through the night, and into the morning, there was a substantial “hey, stocks are cheap!” bounce, but that has absolutely fallen to pieces. More importantly, some important intermediate-term trendlines have failed. Past tense. Failed.
Let me say from the outset that I don’t think Netflix (NFLX) is headed for any big fall from grace. It has been one of the most annoyingly strong stocks, similar to Amazon, in existence. I will say, however, that I think a clean little H&S pattern is in formation, and I’ve secured September $425 puts on NFLX, since I think the measured move (dashed line) is well out of the range of what the options market anticipates (price cone).
The steady drumbeat of improvements continues. Please note that the Correlations page now features the ability to Download, Email, Print, and Tweet your correlation grid!
Let’s check in with my “Devil May Care” spreadsheets, since they continue to weave a fascinating story. First we have the “throwing all caution to the wind” Shorts portfolio, which as of Thursday’s close had 45 winners, 80 losers, and a loss of 3.28% overall.
Courtesy of fellow Sloper Rohit Goel (email: RGOEL441@GMAIL.COM) who thoughtfully provided these two charts:
