Everything is getting crushed today, especially the red-hot momentum names.
And yet… Netflix is higher on the day.
It’s really remarkable, given that Netflix has been seen as the poster-child for overvalued momentum.
Here’s a 3-month chart of NFLX vs. the S&P 500. As you can see, the S&P is barely up, while Netflix is up substantially.
No wonder this stock — which people have been trying to short for years — is such a widowmaker.