A week ago, I did a post noting that Netflix had broken its lengthy ascending price channel, which should be interpreted as a negative sign. This morning, the huge business news is that the same NFLX has bought Warner Brothers, which led to this curiously defensive declaration by the management:
In case you’re not old enough to know what they’re talking about, it’s the item below, which came out at pretty much the tippity-top of the bull market, followed by an 83% wipeout in tech stocks:
The news isn’t exactly being celebrated by Netflix shareholders.
And, I’ve got to say, my “broken channel” warning proved to be worthwhile.
On a more positive note, one of the few stocks I’ve actually been enthusiastic about, Rivian (RIVN) is sneaking out of its very large base. Next Thursday, they’re going to be doing an announcement related to their own self-driving efforts. This is a company worth watching.
The market overall continues to tromp higher by the way, and I think I’m going to take it easy on the short side until the FOMC is done. It’s just too tough swimming against this tide.
