Positive Earnings Gaps Seldom Fill: NFLX
To follow up on my analysis of NFLX from Wednesday...
Despite the market moodiness and selling,
NFLX
reported well above estimates.
HFTs triggered a huge gap up on heavy pre-open order flow yesterday. Volume was also huge, so smaller funds' VWAPs triggered and retail traders chased the stock while Pro Traders and HFTs made some big profits.
Gaps up on positive earnings seldom fill completely. There is a strong support level at $350 which the gap up now confirms.
Despite the market moodiness and selling,
NFLX
reported well above estimates. HFTs triggered a huge gap up on heavy pre-open order flow yesterday. Volume was also huge, so smaller funds' VWAPs triggered and retail traders chased the stock while Pro Traders and HFTs made some big profits.
Gaps up on positive earnings seldom fill completely. There is a strong support level at $350 which the gap up now confirms.
Martha Stokes, CMT
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Learn how to use the technical patterns of each market participant for better trade planning.
