Netflix Smashes Its Earnings
The open trades still have stops at breakeven, but I need the market to advance a little further before I can tighten them. At the close today the ETF trade is up over 7%, but Netflix just posted earnings that smashed their expectations and added 2 million subscribers. This has led to the Nasdaq Futures spiking in the after market. My NQ trade is also doing very well and is now up +259.25 points ($5,185 per contract). So despite the many market concerns recently, the system did manage to get a good swing low entry into the recovery.
Assuming the futures hold on to these after hours gains I will get my required higher price in the QLD (See picture above) to allow me to zoom in on a closer profit taking stop in both Nasdaq trades.
The fly in the ointment may be at 10PM tonight, as we will have China’s Q1 GDP report – The Chinese economy grew at an annualized rate of 6.9% last year, and expectations are for the Q1 number to come in at 6.8%. This will likely influence the futures market, hopefully to the upside with a beat for another gap higher into the open tomorrow!
Bring on the bulls!
John