As everyone knows in today’s new normal world of investing, “good news is bad news” and indeed it seems a record “Singles’ Day” sales record of around $9.3 billion (up 59% YoY) was enough of ‘good news’ trigger to spark the worst day in BABA since the IPO. Today’s 4% drop of course is nothing compared to the 45%-plus gains off the Bullard lows, and we suspect the BoJ or GPIF will be back in action soon to BTFD. Profit-taking? Sell the news? Or perhaps it was Jack Ma’s Elon-Musk-esque comments on how his high stock price is based on very high expectations and he is feeling the pressure.
Selling started last night but The Jack Ma interview seemed to spark some further weakness…
Please follow SGT Report on Twitter & help share the message.