EDGE TRADER

Friday, January 20, 2006

EBay, Retracements, etc


Real interesting chart in EBAY - this is the 5 day 15 minute bars. You could look at yesterday's action a couple of ways; as the beginning of an earnings flag, or as a breakout. Today both patterns failed to form. Reason is that yesterday the street was optimistic about earnings and today the street turned negative again. The question is how do you define support in this chart? EBay is looking again like a buy here at this price. This market action isn't for the faint of stomach though, all this up and down action can make you nauseous!

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