SPY after hours

Does anyone have any explanation for what happened with the SPY after hours. It went from 445.04 on the close to 443/442 in less than 5 mins after the close. What was up?

The market was extremely strong going into the close based on very little info except perhaps for the drop in oil.

The market was being held up until the close and then???

Anyone have any clues on down volume or ??? after the close?

 

NFLX

 

Netflix earnings

 

Not to point out the obvious, but did you see the shit-show that happened with NetFlix when the bell rang?

All the big-guys ran for the exits at the same time.

 

how much weighting does netflix have in the current spy index?

 

How does any trader not know NFLX was announcing today at 4pm?

 

It is not a matter of how much weighting it has. It is a matter of it triggering algos that sell EVERYTHING based on one bad number. It is a disgusting reality, but that is how it goes.

 

Thanks everyone. It was NFLX.

 

Actually the other part of the story is why the markets were so strong going into NFLX earnings?

 

The problem is that US markets are over-leveraged, particularly in tech/Arkk stocks, so even just one popular stock taking a shit like 87' can trigger a lot of potential and real margin calls, so you get a lot of other equities that begin to get sucked toward the vortex due to damage control.