I went long YELP again today. As you may recall I bought YELP back in May around $55 and sold in late August around $80 when I felt most growth stocks had run up too far too fast. I have discussed before why I like YELP and nothing has changed in that regard. So with the price back down below $55 I felt that the time was right to go long again. I established half of my target position, at around 5% of my portfolio. I may add the other half before too long. Technically, YELP appears to have pretty strong support at $50.
I had actually been contemplating adding YELP the last several days but was waiting to see if it would drift back down to $50 heading into the end of the year. Instead a positive analyst note came out today which pushed it up a bit, so I decided to go long with a partial position instead of risk letting it get away from me.