In today's Traders Exclusive, Tim Biggam discusses the decision out of the ECB this morning and a few trades given market conditions. Mario Draghi confirmed that rates would remain unchanged, while reiterating the "whatever it takes" mantra in regards to aggressive monetary policy. As the economic data out of Europe continues to deteriorate, earnings estimates here in the US are getting revised lower, with Goldman Sachs estimating 2016 earnings on the S&P at $132. Applying a mid-range multiple of 15x projects a price target of 1,950. With these figures being 2-years out, and given the sharp rally in the market over the last few weeks, Biggam sees equities as richly valued at current levels, and is trading short-term puts. BABA is a stock that reflects the mentality of the market at current levels, according to Biggam. The stock has a bigger market cap than Walmart even though it only has 2% of the sales. Small short positions on the name could prove to be prescient in the current environment.