Yelp Pulls Back Despite Market Rally
Yelp (NYSE: YELP) is a name that short-term traders should continue to focus on. It has been yielding excellent trading opportunities over the last couple of weeks and the stock is up huge since its lock-up expiration last week. The stock has a short interest of over 40 percent, and this is contributing to elevated volatility in the name.
Over the last six trading sessions, YELP has soared almost 39 percent. The stock is still down on the month, indicating how volatile the name has been. On Thursday, there has been some profit taking in the name despite a massive market rally.
With the Dow trading up well over 200 points, YELP has actually fallen more than 1 percent. Volume has subsided on Thursday, but expect this name to continue to be very active as short sellers and bulls alike continue to transact heavily in the shares.
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