Making SOCL’s weakness all the more concerning is that the ETF is has been more of a laggard than broader Internet ETFs and that the social media fund is falling as the NASDAQ is rising. For example, the PowerShares NASDAQ Internet Portfolio (NasdaqGS: PNQI) is down just 2.3% over the past month while the PowerShares QQQ (NasdaqGM: QQQ) is higher by 2.5%. [Social Media ETF Looks for Lost Magic]
Over the same period, Groupon (NasdaqGS: GRPN), Twitter (NYSE: TWTR) and Sina (NasdaqGS: SINA), a combined 15% of SOCL’s weight, are lower by an average of 8.6%.
Global X Social Media Index ETF
Tom Lydon’s clients own shares of Facebook and QQQ.