EBAY, daily
Summary
Today's move was pretty impressive for the bears, and the close was certainly bearish. First target is $43, and then $41 - where there is strong trend/channel support. The 200 day MA @ $39.86 will add extra support to the 40/41 zone in the coming days.
Ebay remains a superb company, and is arguably not only recession proof, but might even be said to benefit from a recession. After all, in bad times people want to sell their unwanted things for much needed cash. If there is one company that will benefit from a US recession that deepens into 2013...its Ebay.
If the main market somehow manages to see some significant Oct/Nov falls, to at least the sp'1250/00 range, then Ebay will probably move down to $34. At that price, it sure would be a tempting buy ahead of any Santa rally/bounce into 2013.
