It’s safe to say that FANG killed it this quarter. All four of the tech giants reported blowout earnings. Facebook Inc (NASDAQ:FB) breezed by expectations thanks to robust ad growth. Amazon.com, Inc. (NASDAQ:AMZN) also crushed expectations. Same with Netflix, Inc. (NASDAQ:NFLX). Alphabet Inc (NASDAQ:GOOG,NASDAQ:GOOGL) posted perhaps its best quarter of the year. And NFLX stock only has room to grow.

Clearly, the trend of the technology space consolidating around 4 major players remains in tact. Facebook owns social media. Amazon owns ecommerce (and cloud). Netflix owns streaming video on demand. Alphabet owns search.

But NFLX stock actually slipped from $200-plus all-time highs to just over $190 in the week following its blowout earnings report.

I said buy the dip. The sell-off was just a breather in a very strong secular growth narrative.

Now, NFLX stock trades back around $200-plus all-time highs. NFLX stock should continue to trend higher, pushed by a huge near-term catalyst which strengthens the long-term growth narrative. Consequently, I think now is a really good time to own NFLX stock.

Stranger Things 2 Is a Huge Near-Term Catalyst

When it comes to NFLX stock, follow the content. Hugely successful original content launches lead to better-than-expected sub growth. Better-than-expected sub growth leads to a higher NFLX stock price.

From this standpoint, right now is the perfect time to buy NFLX stock. Why? Stranger Things.

Stranger Things is perhaps the best thing that has ever happened to Netflix. NFLX stock wasn’t the superstar it is today back in early 2016. The company was having a difficult time proving its original content growth strategy as sub growth kept coming in below expectations. NFLX stock traded as low as $85 in 2016 versus a high of $130 near the end of 2015.

But that all changed in the summer of 2016 when Stranger Things launched. It was a huge hit. Everyone and their best friend watched the sci-fi series. Investors finally bought into the original content growth strategy as Stranger Things powered far better-than-expected sub growth in the Oct. 2016 earnings report.

NFLX stock hasn’t looked back since then.

Naturally, then, Stranger Things 2 is a big thing for NFLX shareholders to pay attention to. Right now, the read is exceptionally bullish.

The series, which launched right before Halloween, might be the second best thing that has ever happened to Netflix. According to Nielsen, the first episode of Stranger Things 2 was watched by 15.8 million people in the US within the first three days.

That is really good. It is Game of Thrones good. The season seven premiere of GOT was watched by 16.1 million people. It is also much better much better than House of Cards, which was streamed by just 4.6 million people.

Plus, it is worth noting that this 15.8 million number is likely way low. Netflix management has said before that Nielsen numbers are “not even close.” Nielsen gets data from TVs. But Netflix draws a lot of viewership from computers, laptops, tablets, and phones.

Big takeaway one? Stranger Things 2 was watched by a lot of people. Likely more than tuned in for Game of Thrones.

A bunch of viewership, though, is meaningless if the content is a dud. It means viewers likely won’t come back for season 3.

That isn’t the case here.

Take at look at IMDb ratings. Season 2 is broadly rated in-line with season 1. Season 1 individual episode ratings average out around 8.9, while season 2 individual episode ratings average out around 8.7.

Big takeaway two? Stranger Things 2 is just as loved by consumers as the first season.

Bottom Line on NFLX Stock

The massive success of Stranger Things 2 illustrates Netflix’s ability to continue to build on a quality content pipeline. In this sense, Netflix isn’t just a one-hit wonder. It is a secular growth company that will successfully build on its high-quality content portfolio.

That means NFLX stock will continue to trend higher.

As of this writing, Luke Lango was long FB, AMZN, NFLX, and GOOG.