...To take out support is never a good thing for a market teetering around such an important support level as 17,000. More and more accountability lays at the market IPO of Alibaba, which has more than a $240B market cap or 240 times the total dollar volume today of the entire OTC Markets.
Imagine going from zero to $240B in market capitalization in one day.
Now the market pressure is on the sell side about 10 days ago; if you weren't long you were wrong. It probably is wrong for me to blame Alibaba, but quite frankly I cannot get over the sheer ramifications of that much cash being deployed on one individual security. Maybe it's totally unrelated buying and selling entities, but sentiment leads to market breath.
Where did all that cash come from? Was it just sitting on the bench waiting to get in the game? I think not. I only wish the $240B was spread throughout the small emerging growth market as some sort of diversified attempt to boost small companies rather than put the whole bailiwick into one. I fear that the bench cash, now in the game, has dragged a bunch of innocent bystanders along for the rocky ride. Personally, I don't have it in for BABA. I just fear that the market may suffer both capital losses and worse, lost opportunities.
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