No Fear - You are going to regret those words - maybe even today!
Look at the end of Aug to beginning of Sept '10 run. Touched off the 28-day EMA and proceeded to new 52-week highs in 4 days including the touch day (for NFLX that would mean Friday) and proceeded 6.3% over the 52-week highs within 7 days. Similar action would put us at 263.5x in 7 trading days! I'm sure those trading NFLX felt the same way on 31 Aug '10, that was until 1 Sept '10 when the stock gapped open up 4.4% and proceeded to a close 7.4% higher. Probably reloaded the short on that gap open expecting more reversal action that didn't materialize - only 52 week highs ahead.
We are setting up today to have an above average volume day and close with key reversal in place. 10.5 million shares short and 52-week highs approaching.
I think you might want to reconsider that sentiment!
Unless $NFLX gets over $235.71 today, we will have another day of lower low and lower high. Sure, we could be in a reversal... or we could just be confirming the top of the downside channel. I'd much rather short at the top of the channel after a nice series of squeezes.
And get ready for the long day traders to start taking their money off the table.