Saturday, September 10, 2016

Alibaba - A Horrendous Night

It was last Monday when I shared the bearishness on Alibaba and because Monday was a labor day in US, hence Alibaba gap up on a Tuesday where we watched and carefully execute a short sell. Last night was a horrendous night where the Dow tumbled near 400 points and Alibaba was sold down $2.97 in one day! The profit taking combined with the distribution was indeed the key towards this big sell down.

The fear instilled last evening was great for the people who shorted Alibaba and the Dow. Coming Tuesday when STI opened in the morning, it would gap down, respecting the Supply zone I drew on a Wednesday! Since that day I blogged about STI on hitting the supply zone, the STI did not had any chance of crossing above that powerful line I drew and had been suffering selling for the past 4 days. Watch your long positions on Tuesday and prepare for a gap down in the STI. I am so looking forward to Tuesday on making $$..:)

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Ronald K - Market Psychologist - A Stock Market Opportunist