Stocks look on track to erase a bit of this month’s drop, as the bulls basically tell the bears: “That all ya got?”

“While there has certainly been evidence of cracks in the broad market, bears have been unable to deliver a really serious blow,” argues J. Lyons Fund Management’s Dana Lyons.

Stepping back to look at the past two years, neither side really has much to brag about.

Equity markets “have actually been consolidating for almost two years,” writes 720 Global’s Michael Lebowitz. Those sitting on the sidelines, or just taking a conservative approach to stocks, ought to “take solace” in this reality, he says.

There’s more excitement right now among individual names. Netflix is soaring premarket after its blockbuster earnings, more results are hitting today and a Goldman Sachs call for Apple to launch an Amazon Prime-like offering is generating buzz.

Our call of the day suggests that Goldie’s idea — and that’s all it is at this point — could work out well for Apple’s shareholders, if actually implemented.

Today’s chart comes from Lyons, illustrating how small caps are at a crossroads.

Key market gauges

It’s mostly a sea of green in the early going. S&P 500 futures US:ESZ6 and Dow futures US:YMZ6 are leaning higher, after the S&P dipped 0.3% yesterday to stretch its month-to-date drop to 1.9%. Europe SXXP, +1.41% is up, and Asia closed with gains. Oil CLX26, is advancing as analysts suggest the move won’t last (so maybe it will). Gold US:GCZ6 is higher as well, while the dollar index DXY, -0.01% is edging down.

The call

Goldman analysts have gotten attention for calling for an “Apple Prime” monthly subscription service. They say the iPhone maker “needs to invest with urgency and scale in a tightly integrated content strategy.”

Does going in this direction make sense? It actually might be a great idea, according to Luke Dormehl, a tech journalist and author of “The Apple Revolution.”

“I’d certainly pay $50 per month if Apple was able to guarantee me the latest iPhone of my choice on launch day, alongside retooled music and TV packages,” Dormehl writes in a piece for Cult of Mac.

Apple AAPL, +1.57% already has gone down this road to some extent, such as through its iPhone upgrade program, he notes. And the Silicon Valley behemoth has done some in-house content production, inking a deal to produce a documentary, for example. “It’s certainly not on a level with Netflix or Amazon AMZN, +5.69% yet, but it’s a start,” Dormehl says.

Goldman suggests that the 50-bucks-a-month “Apple Prime” service include things like a new iPhone every year, a new Apple TV every three years and access to Apple Music and new original Apple TV content, as a ValueWalk posts notes. Apple could potentially end up with billions more in revenue, Benzinga reports.

Others are down on the idea. Amazon Prime is largely about free two-day shipping, and Apple can’t offer anything that compares to that, says 1redDrop’s Shudeep Chandrasekhar. Amazon is also famously not worried about its bottom line, while Apple enjoys being highly profitable, he adds.

The chart

Dana Lyons

For the small-cap Russell 2000, the key support is arguably in the form of two trend lines — one long-term one, and another intermediate-term line. So says Lyons, as he shares the chart above.

“If the RUT RUT, +0.78% can continue to hold above the trendlines, the bulls will remain in control and the intermediate-term rally in small-cap stocks can persist further,” the J. Lyons Fund partner writes.

“Should the level give way, however, the bears may have their chance to finally deliver a more serious blow.”

Read more:Small-cap stocks aim high thanks to the U.S. economy

The buzz

Quite a pop for Netflix. MarketWatch, FactSet

Netflix’s stock NFLX, +0.78% is leaping 19% higher premarket after the streaming giant late yesterday posted much-stronger-than-expected earnings.

Plenty of companies have delivered quarterly results ahead of the open, including Goldman GS, -1.22% , BlackRock BLK, -0.32% , UnitedHealth UNH, -1.64% , J&J JNJ, -0.61% , Harley-Davidson HOG, -1.31% and Domino’s DPZ, +2.16% .

Ford F, -1.31% plans to reduce F-150 production and idle several other assembly plants.

OPEC chief Mohammad Barkindo on Tuesday dismissed fears Russia will derail a highly anticipated plan to limit oil production, speaking on the sidelines of the “Oil & Money” conference in London.

See:Netflix takes China off its to-do list, for now

The quote

A woman cleans a plaque for a victim of Soviet dictator Joseph Stalin's purges. Getty Images

“An emerging generation of Americans has little understanding of the collectivist system and its dark history.” — Marion Smith, the Victims of Communism Memorial Foundation’s executive director, quoted in a MarketWatch story about millennials needing to bone up on communism’s track record.

The economy

A report on consumer prices hit before the opening bell, and its headline figure matched forecasts.

That comes as Bank of America tells investors to get “real” as inflation makes its comeback — and as U.K. inflation jumped to its highest level in nearly two years.

Shortly after the open, a release on the housing market is due.

Check out:MarketWatch’s Economic Calendar

The stat

10 — That’s how many universities will be members of the Big 12 after the athletic conference decided against expanding following three months of vetting potential new members.

There is some support for standing pat, but the governor of Texas is among those blitzing the league with angry tweets:

Random reads

Hunters gonna hunt: RIP to Pedals, the NJ bear known for walking upright.

Chuck Berry celebrates turning 90 by releasing his first new album in 4 decades.

A Twitter troll’s joke about Ohio voter fraud fooled a bunch of people.

Ringling Bros. is offended, says stop calling the 2016 election a circus.

3 charged in Kentucky in death of Olympic sprinter Tyson Gay’s teen daughter.

A rocket launch lit up the sky last night for many on the East Coast:

The latest powerful storm is on the move:

Typhoon Sarika targets Vietnam after deadly flooding

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