Who Needs Viagra When There's Netflix?

You can take the title of this blog post in any number of ways. But for our purposes we want to reiterate the gargantuan quarterly candles across most of the Nasdaq itself as well as its constituents. Non-Nasdaq stocks and sectors also apply, given the ferocity of the selloff in March and the snapback since early-April. 

Thus, as we wind down the second quarter of trading by the closing bell today, Netflix, below on its quaintly chart, is completing one of the most absurd candles on this timeframe for a stock of this significance you will ever see, especially given the prior multi-year advance.

This time could always be different, of course, though history tells us that moves of this magnitude typically occur at the end of power trends. 

Elsewhere, with Independence Day falling on Friday we also have an early market closure on Thursday at 1pm EST. Given the generally lousy weather in the northeast this May and June, I fully expect trading desks to empty out on Wednesday, even with the non-farm payrolls jobs report on Thursday morning. 

Finally, precious metals and miners are turning in a solid session. I see nothing to push me off the bull view on all timeframes yet, especially long-term ones.

In fact, given the White House's pivot to trying to make up for the deficit via GDP growth we are well on our way to repeating the mistakes of the 1970s when gold was the best performing asset class.