Courtesy of David at All About Trends
(Reminder: David is available for questions from members in the comment section!)
Today’s "you have to be out of your mind and you love chasing stocks after they already ran moment" belongs to NFLX.
We talked over the weekend about micro time frequencies and below is the 2-day one-minute chart of NFLX. Crazy huh? Dare we say CLIMAX RUN? We haven’t looked up any of the news out there on it but if we had to guess we say the famous Wall Street "Upgrade at the tops, downgrade at the bottoms" is in play.
Over the weekend we talked about CMG and alternative entry points. Below is the current chart of CMG:
Now we want you to look at the chart below . See anything? See Anything building/developing?
If you say it’s starting to look a lot like CMG did just before it took off you are right. Will it take off? Don’t know, can’t answer as the market is the boss not us. But it has all the right elements in place.
This name gets added to the longside watch list.
In summary:
Over the weekend and still stands today we said:
We are still playing it close to the vest and are unwilling to chase issues after the fact. When the rock star energy drink names from the weekend get some sort of Pullback Off Highs (POH) pattern to them vs. this jacked up emotional party like it’s 1999 look to them then we’ll look at them, but not here.
It’s only mid-February. Trust us, there is going to be a lot happening this year and that means both directions.
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