The AlwaysOn X fund portfolio was nearly flat at -0.1% for the week, the while NASDAQ was down 1.2%, and the S&P 500 was down 0.7%. For the year, the AO X Fund portfolio is up 3.2%, the NASDAQ is down 5.1%, and the S&P 500 is down 4.5%.

Guess? reported 12.5% EPS growth and 10% sales growth in Q2, beating expectations by 4 cents. Same store sales rose 1.7% in local currency and 3.5% in U.S. dollars. Management guided below expectations for the year and sent shares down for the week 14.8%.

Google's YouTube launched its movie section in the U.K., bringing full episodes and clips from popular TV shows to Britain. It will be interesting to observe how YouTube will compete against Hulu for TV content online. For the week, GOOG was down 0.7%.

Netflix is now available as an app for the iPhone and the iPad. Members can watch on demand videos on their portable devices. For the week, NFLX was down 3%.

On Tuesday, we sold three of our holdings, as all dropped below our -20% performance limit. NuVasive, SanDisk, and Volterra were taken off the AO X Fund portfolio. We will keep specific focus on SanDisk and Volterra, as both have had very strong growth and supporting fundamentals in the past. www.nextupresearch.com.

Michale Moe is an AlwaysOn contributing editor and a former co-founder of ThinkEquity.