Will Netflix Follow Amazon And Break Out Of Its Trading Range?

Despite rising inflation concerns, the 10-year U.S. Treasury yield fell to its lowest level since February this week.

Eight-day declines in the 10-year U.S. Treasury yield don't happen very often, Bespoke Investment Group's Paul Hickey said Friday on CNBC's "Squawk Box."

The recent decline tied the longest streak since 2000, Hickey noted. Following declines of this magnitude, the 10-year U.S. Treasury yield usually continues its decline, he added. 

Hickey told CNBC that such leads him to believe that cyclicals will trade sideways in the short-term and growth stocks will continue to pick up momentum. 

He likes stocks that have built a strong base through consolidation like Amazon.com Inc (NASDAQ: AMZN) and Netflix Inc (NASDAQ: NFLX). Amazon recently broke out and he expects Netflix to follow. 

Netflix is trading in its narrowest one-year range in history, Hickey said. Look for Netflix to break out of that range as growth stocks continue to pick up steam, he said. 

Related Link: Apple Podcasts Executive Moves Over To Netflix

NFLX Price Action: Netflix has traded as high as $593.28 and as low as $458.60 over a 52-week period.

At last check Friday, Netflix was up 0.39% at $532.83.

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Image by Tumisu from Pixabay.