This stock bucked the trend big time! Here’s a trading plan for Yelp (YELP)

I want to just do a quick video on Yelp ( NYSE:YELP ). The S&P ( INDEXSP:.INX ) got absolutely crushed today. I’ve got more on that in the Strategy Session members, so please don’t blow that off. It’s probably going to wind up being a buying opportunity, but we’ll get to that then.

Actually I think this is a buying opportunity, just don’t have a timeframe of two days or three days, but this is what I want to point out to you; this is all this stock has been trading. The stock hit an all-time high; which also means it’s a fifty-two-week high, it hit an all-time high today, that’s important to understand. You look at the weekly chart and you can see it’s been into a trading range for a while but is just now breaking out, I mean like just now breaking out; so that means everybody that owns this stock is a winner, everybody. Somebody bought at $33.00, now they’re losing seven cents, so that opens the door, I should say it opens up the skylight, for higher prices here.

So my suggestion on Yelp ( NYSE:YELP ) would be, if you like this trade idea, and you don’t own it already, take a small position right now, just go ahead and take a small position, but I’m talking about small, an initial position, a probing position, so to speak. Take a little bit of stock now, if you get either a pull back to test the 50-day moving average or just some sideways consolidation that consolidates sufficiently long in duration to allow the 50-day moving average to catch up, then you wind up buying more, even at this same price level, but the bottom line is, its a little extended above the 50-day moving average, not like it was here, but ultimately I think this stock moves higher; so you’ve just got to figure out how you want to buy it, and what your timeframe is. On this, I would suggest that you just kind of let your timeframe have a longer-term time horizon than next Tuesday and I think you’re going to be fine.