Before the Open our newest traders met at my desk to discuss the stocks to watch, including $BABA. When trading IPOs there are two important considerations:
1) momentum
2) technical levels
Below yesterday low of 89.50 tipped the momentum down. Below 89.50 and BABA was at all-time lows, if you can say such a thing about an IPO trading 30 points above its IPO price. During our pre-open meeting I counseled to "learn short" until we find the next very clear support level.
Well 88 in BABA became a clear support level. It could not trade below there. And bounced to 89. Was BABA headed back higher? Or was it just Read more [...]
Before the Open our newest traders met at my desk to discuss the stocks to watch, including $BABA. When trading IPOs there are two important considerations:
1) momentum
2) technical levels
Below yesterday low of 89.50 tipped the momentum down. Below 89.50 and BABA was at all-time lows, if you can say such a thing about an IPO trading 30 points above its IPO price. During our pre-open meeting I counseled to "learn short" until we find the next very clear support level.
Well 88 in BABA became a clear support level. It could not trade below there. And bounced to 89. Was BABA headed back higher? Or was it just Read more [...]