Update: NFLX is trading $308 today, it's been trading down every day since the day after earnings. So while earnings were pristine, "sell the news" indeed in full effect.

Please also note: NFLX traded $304 to $316 the day before earnings, so if anything, it's down a little from the average of that day.

We rest our case, on "sell the news", but obviously in THIS case, the luckiest strategy would have been to sell the pop AFTER earnings rather than before. But that was NOT the case with the big banks, nor Google's earnings last night.