Scott Redler is a weekly guest on #PreMarket Prep, a daily trading idea radio show hosted by Joel Elconin and Dennis Dick. Tune in to the daily broadcast live Monday-Friday at 8 a.m. ET here.
T3 Live and T3 Trading Group Chief Strategist Scott Redler on Monday discussed Netflix, Inc. NFLX on the Benziga #PreMarket Prep morning show.
Redler said that "after a move from $480 down to below $430" he would not short the stock, however, that did not mean that he would buy the dip either.
Redler thought there was "some support around $433" and then the stock might test the $410 level.
As an overnight strategy, Redler would cover half his position on the open or in the premarket and then wait to see how it trades in the first 30 minutes, allowing the trader to limit risk.
Netflix recently traded at $419.45, down 4.32 percent.
Listen here for the full show:
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