I am going to squirrel away a few more gains and make them "realized" rather than "unrealized" and hence prone to go "poof" if the bipolar reaction in a few hours is "down." Acme Packet (NASDAQ:APKT) has a similar technical setup to Netflix (NASDAQ:NFLX) although its recent 52-week high is much more recent. That said, the strategy is identical. I'm going to take some profits here and happy to repurchase on a breakout to new highs (or a pullback). (Click to enlarge)
I charged back into the stock once it regained support on August 4th at $29.96 so we have a nice profit in a short while. Helps to make up some of the unrealized gains we lost in the post earnings slap to the face.
The stock was mentioned on CNBC in its own segment today, which (a) makes me nervous and (b) makes me wonder how this woman can love the stock more than I. On the plus side, at least the mention did not come in the 6 PM hour sending a flurry of "home gamers" running to their brokerage accounts screaming "buy buy buy!".
Disclosure: Long Acme Packet, Netflix in fund; no personal position
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