Day wrap and Netflix results
What a wild ride this market has been all year. I just heard on the radio that this is the single largest point gain month in the history of the DJIA. And it’s only the 24th. We’ve hit new all time highs in the portfolios repeatedly as we got so aggressive on the long side during the summer crashes and that gives us the freedom to lighten up and take profits now.
On another note, Netflix, is down another 15% or so after hours. The guidance and the results are all just ugly and as I’d noted heading into the call, the stock was likely to get walloped if the results were horrible. The results and guidance are pretty horrible. The company has all but destroyed its own brand in less time than it took to return the Godfather DVDs sitting in my living room with the Netflix return envelopes to go with them.
Anyway, mea culpa on this earnings trade. I was worried that we’d been too hot for the streak to continue and today’s results break the streak of a whole bunch of earnings reports that we’d traded right.
I’d already lightened up on the portfolio today as we were hitting new highs and the hit we’ll take on these Netflix calls aren’t going to change that even as it sucks to lose on any trade.
Back tomorrow.
