Major U.S. averages jumped sharply Wednesday in their best day since 2011, as investors shrugged off fears about the world's second-largest economy. U.S.-listed shares of Alibaba, though, closed barely higher and are down 33 percent this year.
"Alibaba is always a play on the Chinese consumer," said trader Brian Kelly, saying it "is the buy here" for the long term.
Trader Tim Seymour—who owns the stock—said he would stick with it. Alibaba makes an appealing play on its current valuation and projected growth, he added.
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Big U.S. tech stocks, meanwhile, helped drive the rally. Netflix—which climbed 8 percent on the day—looks like a buy after a stark drop earlier this month, said trader Guy Adami.
"The market's changed. Netflix hasn't," he said.
Trader Steve Grasso contended that all of those stocks look appealing, even after their surges.
Tim Seymour is long AAPL, T, BAC, DIS, F, GE, GM, GOOGL, INTC, JPM, Tim's firm is long BABA, BIDU, MCD, NKE, NOK, SBUX, YHOO.
Grasso is long AAPL, BA, BAC, CC, DD, DIS, DECK, EVGN, FIT, KBH, MJNA, MU, PFE, PHM, T, TWTR, GDX. His kids are long EFA, EFG, EWJ, IJR, SPY. His firm and some of its partners are long DVN, BP, COP, CVX, FCX, NE, NEM, OXY, RIG, VALE
Brian Kelly is long BBRY, BTC=; TWTR call spread, U.S. Dollar; he is short Euro, Ruble, Yen, Yuan, US Treasuries.
Guy Adami is long CELG, EXAS, INTC, Guy Adami's wife, Linda Snow, works at Merck.