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:
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.