Alibaba stock popped 4 percent Monday as China's Singles' Day promised a blockbuster boost to its bottom line.
RiskReversal's Dan Nathan noted that Alibaba stock had appreciated about 40 percent in the past few weeks.
"I think this is actually a well-telegraphed thing," he said. "I think you'll probably see this stock below $115 over the next couple of days."
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Karen Finerman of Metropolitan Capital Advisors said she holds a one-quarter position in the stock.
"I could've come in a little bit … but I wouldn't trade out of it right now because I think the chance of my being able to pick when get back in is slim, just going to hang on," she said. "If it does come in a fair amount, south of $110, then I'll buy more."
Private Advisor Group's Guy Adami played Alibaba via Yahoo shares.
"Now the problem with Yahoo is … they really have to do something off the charts, otherwise this stock could be in trouble at these levels," he said.