The leading Nasdaq avoided 5 straight losing sessions for the week Friday (after gaining everyday the prior week) advancing 1.3% and closing above the round 5000 number and its 50 day SMA which must be feeling a bit soft and delicate currently after all the touches upon it. Although it is a good sign to see the benchmark recoup that line so quickly, Thursdays piercing to the downside was visually worrisome occurring in very firm trade. In fact it was the second largest daily volume in all of 2015. The S&P 500 on a weekly basis performed better relatively falling .45% for the week and CLOSING in the upper half of its weekly range (the Nasdaq lost 1.7% for the week). For YTD figures the Nasdaq is still well in front higher by 5.7% in 2015, well more than doubling the S&P 500’s 2.4% yearly climb thus far. The Dow is higher by 1.1% in 2015 and that could be viewed as a good sign for the bulls as investors will tend to rotate into the defensive names late in a bull run. Still there is reason for concern. The Nasdaq could be in the process of forming a huge double top with all time highs made back in March of 2000. Last Thursday it CLOSED at a new all time high, but backed off since. There will be a tug or war up at this lofty altitude. If the important internet sector has any say in it the bears may be getting their porridge. Two major players in the group TWTR and LNKD fell 25.5 and 21.4% for the week respectively. Two lesser players also slumped in YELP and GRUB showing weekly declines of 21.4 and 12.8%. Below we look at YELP and investors should not have been surprised with the miss.

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