Equities Enjoy the Holiday Spirit; $YELP Still Blows

Stocks are rallying nicely today, even oil. Just about eveything I own is up, except for YELP, naturally.

For the one millionth time over the past 4 years, Facebook is “testing” a site that will allow its users to review services.

The new Facebook site may threaten Yelp, Angie’s List Inc. and other search and customer-review websites because of the weight of friends’ opinions in making decisions about what products and local businesses people use. Facebook has long been testing related features, such as telling you which of your friends has checked in at a place you’re visiting, and what they said about it at the time.

“We’re in the early stages of testing a way for people to easily find more Pages for the services they’re interested in,” Mike Manning, a spokesman for Menlo Park, California-based Facebook, wrote in an e-mail.

MY position is so small, the loss is virtually meaningless to me. I am more interested in YELP from an emotional standpoint, as an avid user of the service. I find the company to be filled with clowns and its CEO to be a drifter incompetent. Nevertheless, the comopany is wrapping up 2015 with a bang, right in the faces of longs.

As for the rally at hand. Rallies happen, even during the worst tapes. I’ll reserve my dire outlook for when the selling begins again.

I am 97% long, zero shorts, with a dash of cash. I intend to press these gains as far as I can, then mix it up in 2016.

One more thing: Jeff Macke will be joining us in Exodus during the month of January. He will be in the notes and on the Exodus blog, mixing it up, offering advice. If you have any requests, as per what you want him to cover, let us know.