Ailbaba Pounded On Monster Volume To New All Time Low

em>Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

Alibaba Group BABA shares are trading sharply lower by $2.90 at $77.33. The turmoil in the Chinese stock market has investors bailing out of companies that have exposure to China. After a lower open ($79.45 vs. Monday's close of $80.23), it could only manage a $0.11 bounce to $79.56 before sellers flooded the issue. So far, it has easily surpassed its former all time low ($77.77), reaching $76.30 and has rebounded into the $77 handle. The issue is on track to have one of its biggest volume days ever. So far, it has traded nearly 20M shares compared with its 20 day average of 11.1M with less than four hours remaining in the session.