Netflix Auction: A Feeling That Something Isn't Right
With social and financial media buzzing contrarian talk for Netflix earnings tonight setting up to disappoint, I am reminded of the above clip from the great BBC show, "Peaky Blinders" which NFLX picked up for its first several seasons.
Clearly, Netflix is a major market growth leader. However, it is not necessarily true that even if NFLX sells off after earnings tonight that the entire market goes down with it, and vice versa.
We always like to build up big earnings as being pivotal for the entire market. But, in reality, the market is often much more diverse and complex than any one stock's performance and reaction to earnings--Even a monster such as Netflix.
Similar comments apply to big banks' earnings before the bell tomorrow morning, BAC and GS.
Overall, bulls got some relief today with small caps and banks bouncing from areas where they needed to, initially at least. Now comes a stiffer test, with the S&P 500 Index approaching its 50-day simple moving average from the underside.
More in my recap after the bell.