Waiting for Alibaba to open
It's now past 11:00 AM and still Alibaba (BABA) stock has not started trading on the NYSE after its IPO. I have my small limit order at $92 and "indications" are $88-90, with an open within maybe half an hour.
My initial limit order was at $78.50, then I raised it to $85, both before any indications had been given publicly. Once I saw an indication at $86-88 I raised my limit to $89. When I saw the indication at $87-89 I raised my limit to $92.
Some people say they will open at $88 since that is a lucky number. And some say more of the sell orders are at $90 or higher, so I feel my $92 limit is safe, for now.
I'll move my limit to be $2 over whatever latest indication I see on CNBC.
-- Jack Krupansky