{"id":12753,"date":"2012-07-10T03:25:54","date_gmt":"2012-07-10T07:25:54","guid":{"rendered":"http:\/\/drduru.com\/onetwentytwo\/?p=12753"},"modified":"2012-07-10T03:25:54","modified_gmt":"2012-07-10T07:25:54","slug":"yelp-fails-to-establish-new-highs","status":"publish","type":"post","link":"https:\/\/drduru.com\/onetwentytwo\/2012\/07\/10\/yelp-fails-to-establish-new-highs\/","title":{"rendered":"Chart Review: Back Into Puts As Yelp.com Fails to Establish New Highs"},"content":{"rendered":"<p>In about one month, Yelp.com (YELP) doubled from its all-time lows to a retest of its all-time highest close. Along the way, Apple (AAPL) made <a href=\"http:\/\/www.apple.com\/pr\/library\/2012\/06\/11Apple-Previews-iOS-6-With-All-New-Maps-Siri-Features-Facebook-Integration-Shared-Photo-Streams-New-Passbook-App.html\" target=\"_blank\">the following announcement on June 11th<\/a>:<\/p>\n<blockquote><p>&#8220;&#8230;local search includes information for over 100 million businesses with info cards that offer Yelp ratings, reviews, available deals and photos.&#8221;<\/p><\/blockquote>\n<p>YELP did not announce anything on its website (or at least I cannot find it now), but this news was enough to break the stock out of its last downtrend. The chart summarizes the setup.<\/p>\n<p><center><br \/>\n<figure id=\"attachment_12754\" aria-describedby=\"caption-attachment-12754\" style=\"width: 490px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2012\/07\/120709_YELP.png\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2012\/07\/120709_YELP.png\" alt=\"YELP fails twice to establish new closing highs\" title=\"YELP fails twice to establish new closing highs\" width=\"500\" height=\"350\" class=\"size-full wp-image-12754\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2012\/07\/120709_YELP.png 500w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2012\/07\/120709_YELP-300x210.png 300w\" sizes=\"auto, (max-width: 500px) 100vw, 500px\" \/><\/a><figcaption id=\"caption-attachment-12754\" class=\"wp-caption-text\">YELP fails twice to establish new closing highs<\/figcaption><\/figure><br \/>\n<strong>Source: <a href=\"http:\/\/www.freestockcharts.com\/\" target=\"_blank\">FreeStockCharts.com<\/a><\/strong><br \/>\n<\/center><\/p>\n<p>Note well how YELP failed twice to break through resistance formed by the stock&#8217;s highest close set during <a href=\"http:\/\/drduru.com\/onetwentytwo\/2012\/04\/09\/yelp-blow-off-top\/\" target=\"_blank\">March 28th&#8217;s blow-off top<\/a>. This was my strong cue to get back into puts as resistance seems confirmed. The initial downside target is the 50DMA which is now starting to turn upward. Next earnings are not until August 2nd. YELP lost 11% on May 3rd after reporting its first earnings results ever as a public company.<\/p>\n<p>Be careful out there!<\/p>\n<p>Full disclosure: long YELP puts<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In about one month, Yelp.com (YELP) doubled from its all-time lows to a retest of its all-time highest close. Along the way, Apple (AAPL) made the following announcement on June 11th: &#8220;&#8230;local search includes information for over 100 million businesses with info cards that offer Yelp ratings, reviews, available deals and photos.&#8221; YELP did not &#8230; <a title=\"Chart Review: Back Into Puts As Yelp.com Fails to Establish New Highs\" class=\"read-more\" href=\"https:\/\/drduru.com\/onetwentytwo\/2012\/07\/10\/yelp-fails-to-establish-new-highs\/\">Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[599,512,62],"tags":[250,534,1597,919,918],"class_list":["post-12753","post","type-post","status-publish","format-standard","hentry","category-internet","category-resistance","category-technical-analysis","tag-aapl","tag-apple-inc","tag-technical-analysis","tag-yelp","tag-yelp-com"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Chart Review: Back Into Puts As Yelp.com Fails to Establish New Highs - ONE-TWENTY TWO: Trading Financial Markets<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/drduru.com\/onetwentytwo\/2012\/07\/10\/yelp-fails-to-establish-new-highs\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chart Review: Back Into Puts As Yelp.com Fails to Establish New Highs - ONE-TWENTY TWO: Trading Financial Markets\" \/>\n<meta property=\"og:description\" content=\"In about one month, Yelp.com (YELP) doubled from its all-time lows to a retest of its all-time highest close. 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