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There was a buyer of 4,575 of the January 150 calls at $6.70 per contract on average, Khouw mentioned. “That’s risking a little over $3 million in premium on a bullish bet that Alibaba’s run is far from over,” he stated.

The trade sees shares of Alibaba climbing at least 30% by January expiration, Khouw added.

BABA Price Action: Shares of Alibaba jumped 14.67% to settle at $119.62 on Wednesday.