bertolinitrading
Short

Close below 80$ confirms breakdown

NYSE:BABA   Alibaba Group Holdings Ltd
28 0 0
This was a long time coming. July Puts at the 75 strike are only $3.02 as of 10:40am

A close below the March 3rd low at 80$ confirms a breakdown lower. Below the 50 day sma . $80 was support and will turn into resistance. Anybody who bought the IPO opening day last year at 92.70$ is feeling major pain. Or someone knows something selling before earnings (05/07 before the bell) so risk management should be conservative in the event of a snap back rally.
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