NFLX - breaking to the upside

With the main equity market battling back higher, Netflix (NFLX) joined the party, and excelled, closing +5.2% @ $273. This was an important daily close, above the recent high of mid-July. Despite the strength, if the main market weakens <sp'1600, NFLX will struggle to break into the $300s.


NFLX, daily

Summary

No doubt a lot of NFLX bears saw their short-stops get triggered today. Indeed, with a very bullish daily close (a new high for 2013), there is now absolutely nothing bearish about NFLX.

*my mid-term equity outlook continues to look for the main indexes to see significant weakness into mid-September, with the sp'1575/50.

If that is the case, then NFLX will most certainly be held back, and the $300s will become exceptionally difficult, until at least the next earnings season in mid/late October.