Lots of Topping on the Social Pizza

Top component Facebook reports earnings tonight, which surely complicates things in terms of swinging SOCL, the social media ETF, to the short side. The ETF does not trade with much volume, the but SOCL does give a good snapshot of the idea that recent FB strength has been masking underlying weakness in the sector. 

But with TWTR YELP gapping down hard this morning, SOCL is triggering a move below $19.19. For a while now, SOCL has been printing lower highs and lower lows. And TWTR and YELP remain broken charts, likely in need of a cathartic cleansing of trapped longs before a true low can be formed (which may take some time). 

Also note that LNKD, another top SOCL holding, reports earnings tomorrow.