+100% on BABA Put
by Mike Paulenoff
November 12, 2015 • 8:47 PM EST
Last Friday (Nov 6), Mike added a put option on Alibaba Group Holding Limited (BABA), noting that the stock's Nov 5 recovery high at 86.42 looked like a failed upside breakout from its post-Oct 27 rising wedge formation.
Mike called for a correction pointing to 80-78.50 initially, and entered the Nov 27 85.00 Put at 3.10 to play the expected downside.
By Wednesday the stock hit an intraday low of 78.12, prompting Mike to exit his put at 6.40, or more than double the entry price.
Mike Paulenoff is the author of MPTrader.com, a real-time diary of his technical analysis & trade alerts on
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