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Netflix: Buy, Hold, or Pray?

My friends are nagging that a crisis is on the way, the Dow is overblown, GDP growth is slow, etc. I have a way out suitable for such traders as well, even as I disagree with them. When everything else goes wrong, it is usually stock in companies that provide cheap entertainment that move upward. For this reason, dear economic whimperers, here is a review of Netflix.

Note that a diamond pattern has formed on the chart.

Many believe the name will move considerably higher, perhaps up to USD 1,000, as the name has broken out of the upper bound. Not a chance in my book! The peak of the diamond is a strong bound. Beware of the USD 545 mark if you have opened long positions.

Otherwise, a new long may be launched only from the lower bottom of the diamond at USD 295.