Point of Caution:
1) 8% move happened in one day. Time is needed for consolidation. Profit taking should occur with support from buyers.
2) P/E above 40 on a business that has a market cap of $213B+
3) 2.23B float. Every $1 increase means BABA is worth $2.23B more, i.e., valuation can really get ahead of itself quickly.
4) Investigations in to allegedly erroneous transactions could prove harmful in the short term.