NEW YORK ( TheStreet) -- This earnings season hasn't been kind to highfliers. In fact, it has been downright dirty. Jim Cramer has a list of highfliers of which one, F5 Networks ( FFIV), recently reported earnings and was promptly pilfered for a quick $40 loss.

Netflix ( NFLX) is on Cramer's list as well. It reports earnings Wednesday night. Will it be able to escape the same shellacking or are all highfliers doomed this earnings season?

Although it is impossible to see the future, you certainly can look at a stock's past and qualify its trend. That process provides you with a better read of the risks and rewards that the future holds. When looking at Netflix, I see a very strong stock that could on earnings just as easily tag its top again as go down. If I were a holder of Netflix, I would probably still be holding into earnings (unless I recently bought it) because I would be holding sizeable gains and the odds of this stock continuing appear much greater than it's being hammered lower. If you don't own it, then you are like me and you will just have to wait for an opportunity to buy some, eventually. I wouldn't hold my breath though.

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