Alibaba (NYSE: BABA) – Is it too early to call Alibaba’s bottom line?

Alibaba Group Holding Ltd (NYSE: BABA) is up Thursday after Beijing diplomat Yang jiechi described his meeting with the United States National Security Advisor Jake sullivan as constructive.

Even after the move today, Alibaba is still in a significant downtrend, CEO of Ritholtz Wealth Management Josh brown said Thursday on CNBC’s “Fast Money Halftime Report”.

The stock rallied several times over the past year, but still managed to maintain its downward trajectory, Brown said.

“Even with today’s gain, BABA is in a 50% drop from its peak,” said Brown, “which was Oct. 20. So in the past 12 months, count every 10 % rally like the one we see today None of these have led to higher highs. “

See also: Alibaba Breaks Short Term Resistance: How Far Could The Stock Go?

For those who are considering putting the money to work in Alibaba shares, it should be “very, very, very short-term trading,” he said.

Until there are signs of a real trough, Alibaba and other Chinese stocks should be avoided, Brown said, adding that it was too early to tell that this was the trough.

BABA price action: Alibaba traded as high as $ 319.32 and as low as $ 138.43 over a 52 week period.

The stock is up 8.88% to $ 156.91 at time of publication.

Photo: Flickr hinglish Notes.