Stock market breadth continues to be narrow, with most of the higher performing stocks being large cap companies with popular brands. Amazon (AMZN) is one of these names, and it showed very positive action today. Netflix is also setting up well and "worth watching" in my opinion. While NFLX is by no means a new stock or an unfamiliar name, it is still the dominant leader in streaming. 2022 was down year for Netflix, but things are looking better for 2023 and 2024. NFLX's most recent quarter saw earnings and sales increase by 3%.
NFLX has been one of the market's strongest performing stocks over the past twelve months, as it has more than doubled since last October. As is the case with Amazon, I believe funds and institutions are not ready yet to venture out into less familiar names. Instead, it looks like they are looking to buy well-known companies to gain exposure to the market. If that trend continues, NFLX is likely to continue higher. I will be monitoring NFLX in the coming days for a potential buy point.
Risk right. Sit tight.
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