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Did Yelp Just Save the Bulls?: StockTwits

NEW YORK (TheStreet) -- A positive reaction to earnings as well as several analyst upgrades this morning has sent beaten down Yelp (YELP) soaring as much as +14% today, leading many on StockTwits to speculate that perhaps it has put in a bottom (at least in the short term)? Message volume on the StockTwits.com Yelp stream has been exploding as investors warm up to the idea:

 

$YELP over 30% rally from lows just days ago. A bit more to go.....and then some. - Morpheus (@Morpheus) May. 1 at 09:33 AM

More importantly, the price action in (YELP) may be sending signals about the state of other beaten down siblings:

Who would have thought it would be $YELP that revives $SOCL? $FB $LNKD - Andrew A (@Furan) May. 1 at 08:39 AM

Note how $TWTR disappointment couldn't hurt the momo stocks yesterday but $YELP win is juicing them up. That's bullish action - HCPG (@HCPG) May. 1 at 08:11 AM

We wouldn't be fading $YELP with more positive comments out on $FB - looks like a bit more "rotation" back into #socialmedia $LNKD up next - Anacott Steel (@BPGAG) May. 1 at 07:05 AM

As investors have had time to digest the latest data, some bullish themes are beginning to emerge:

$YELP great company, low market cap, good takeover prospect or potential to become a bigger company on its own. Mkt always pay up for growth - X (@StarPower) May. 1 at 06:50 AM

$YELP growth metrics year over year are VERY promising, user growth and new contract business growth both +40% y/y - MG (@studatnu2002) May. 1 at 07:04 AM

$YELP A nice surprise. Average news is good news finally. - Howard Lindzon (@howardlindzon) May. 1 at 08:24 AM

If the bullish thesis holds, the next question becomes: Where can we go from here?

If $YELP can make of bullish break of $71, looks like clear sailing into the $80 area. Watch for momentum to build. http://stks.co/i0Yrp - Options Elite (@OptionsElite) May. 1 at 08:58 AM

The good news for bulls is, sentiment is showing signs of supporting higher prices:

Quantified StockTwits messages for $YELP ready to break down trend after warning in March. Bullish. http://stks.co/b0VDk - Blair Jensen (@DownsideHedge) May. 1 at 10:02 AM

Follow me on StockTwits: @chicagosean

This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.

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