Long BABA Again

BABA reported solid earnings in early May causing it to gap above 85. On Friday I got long at 85.20 with a stop below 84.50. If it can close above 87.50 next week I would be willing to hold it for a longer term move back into the 90s. Sellers are in control right now so I could get stopped out but if it can hold above 86 Monday morning I will add to the position with a tight stop.

baba earnings support

Steven Spencer is the co-founder of SMB Capital and SMB University which provides trading education in stocks, options, forex and futures. He has traded professionally for 18 years. His email address is: [email protected]

Steven Spencer is currently long BABA, KING, LOCO, MNKD, OHRP, TWTR, WMT and short NQ, ORCL

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