April 20, 2022
Good morning,
The headline news item this morning is Netflix earnings – they missed. It’s not every day that you see a $300 billion market-cap company lose over half its value in less than 6 months. It’s also interesting to see one of the FAANG growth favorites appears to have stopped growing, even though we shouldn’t make sweeping conclusions from a single quarterly report.
Maybe not exactly a canary in the coal mine signal, but I think its nevertheless impressive that equity Futures have shrugged off the NFLX news, and its implications. Futures are up half a percent leading into the open of the cash market.
Other than that short-term spectacle, there is not anything new to say about the longer-term trend. I suspect the market is range bound (trendless as I mentioned Monday), and maybe this morning’s strength is a follow on to yesterday’s rally toward the upper end of its range. We’ll see.
Be well,
Mike