Netflix Everywhere, Except China and Above Recent Highs

Shares of NFLX popped just now, likely related to this news. 

The momentum stock had been oversold, sitting at its lower daily chart Bollinger Band, was due for some type of snapback rally to keep latecomer shorts honest about how challenging shorting high beta names can be before we are in a full-blown bear market. 

Still, the fact remains that NFLX's breakout attempt in December, above its August 2015 highs, not only failed to materialize but also led to a swift move lower, complete with a few false bounces along the way.

At the moment, a multi-day rally would not be surprising to alleviate the oversold conditions and keep shorts honest. But any rally which fails at $120 is likely a short entry, more than anything else. 

Clearly, the firm has international growth prospects, and the news today was an expansion to more countries than originally thought. But, clearly, the market has known about the general catalyst of international growth for a while. And with the FANG acronym now ubiquitous among market players, pundits, and media, it is tough to see the news today serving as a catalyst for a new leg higher to something already widely-known and expected.