Buy Netflix Stock's Disney Dip

The shares of red-hot Netflix, Inc. (NASDAQ:NFLX) are taking a breather today, after Walt Disney(DIS) CEO Bob Iger said building a streaming content service is the blue chip's "highest priority this year." Further, Iger said Disney's service will be "substantially" less than that of Netflix, which upped its fees for the first time on Oct. 5, sending NFLX shares soaring. However, today's pullback could be a buying opportunity for traders looking to scoop up the FAANG stock -- or its near-term options -- at a relative bargain.

Back in August, Disney announced plans to pullcontent from Netflix and start a new streaming service, so today's news shouldn't be too surprising. However, NFLX ultimately recovered from that August pullback, bouncingfrom its 80-day moving average. This trendline, along with its 50-day cohort, has helped the equity more than double since August 2016.

Today, the security is down 2.1% at $189.88, and is testing its 50-day moving average once again. What's more, Netflix stock could find added support in the $190 area, which capped the equity's advances earlier this year. As such, now could be an opportune time to hop in on NFLX stock's long-term rally.

Despite the security hovering near record highs north of $200 earlier this month, or the company's stronger-than-expected third-quarter subscriber growth, many analysts remain unconvinced. In fact, 13 maintain tepid "hold" or worse ratings. Should NFLX shares once again rebound, a round of upgrades could add fuel to the equity's fire.

Options traders hoping for a near-term rebound are in luck, too. The stock's Schaeffer's Volatility Index (SVI) of 29% is higher than just 15% of all other readings from the past year. This indicates that NFLX's short-term options are attractively priced, with relatively low volatility expectations being baked in.