Mike's Mid Day Minute is available to members on Monday, Wednesday & Friday evenings, with one article per week available to non-members. Members please login and see "Mike's Mid Day Minute" in the navigation menu towards the top of the page.
Singles Day Does Not Save BABA
Alibaba Group Holding Limited (BABA) is down about 7.5% from this morning's pre-open up-spike to 85.00 in an initial reaction to huge China "Singles Day" online sales.
The technical set-up has been warning us not to trust strength off of the Nov 5 high at 86.42, which represents the completion of the entire rally off of the Sept 9 low at 57.20.
Today's massive downside reversal has violated key support at 80.00-79.50-- prior lows and the 200-Day EMA-- which inflicts serious damage to the near-term technical set-up, and points BABA towards 76.00-74.00 in the upcoming hours/days.