From Ugly to Merely Unattractive
Today's mentality was more "hold the dip" than "buy the dip." What started off ugly has been upgraded to unattractive. Speaking of ugly, we have Netflix (NFLX), which will gracing us after the close with its self-proclaimed beauty of a business model and earnings results.
The chart here is pretty difficult to buy. Netflix has been making a series of lower highs and lower lows since that big gap higher in late January. Much like the SPDR S&P 500 (SPY), Netflix shares are breaking down here from a flag position, and we are seeing confirming price action in the technical setup. The stock does have support just below $100, along with some of the psychological support which comes from a round number like $100. However, if the company disappoints, I don't expect the stock to hold -- I would look for the very low $90s....309 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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