Since the active NFLX long trade hit the second target back a couple of weeks ago on Jan. 7th, I have been contemplating removing T3 and making T2 the final target. With this trade up about 60% from the entry back just over 3 months ago, I am going to go ahead and suggest booking full profits at current levels (102.41) if you have not done so already as I will now consider this trade completed.
With NFLX reporting after the bell, this one could very well gap higher tomorrow and continue on to the (former) third target at 127.80 but I just don’t believe that the reward to remaining long at this point outweighs the risk of a reversal in the stock, especially as it continues to struggle with that large 4/23-4/24/2012 gap that I mentioned on the last updated. Congrats to those who caught this one.