eBay Bid Rises
As odd as it sounded following the year-long decimation of Internet stocks,
Internets were actually the top performing group of the day Tuesday. While many
will never make it back to old levels or even continue in existence, there
actually are some that have held up relatively well through the bloodletting.
eBay
(
EBAY |
Quote |
Chart |
News |
PowerRating) has been battling back from its early April lows and even
challenged its Jan. 25 high of 55.12 (A) on Apr. 20 (B) before pulling back for
a few days. What was nice to see Monday was eBay retaking its 200-day moving
average on Monday on heavy volume.
What was constructive on Tuesday was the fact that eBay jumped 3.83 to 54.31 on more
than double average volume to join in on the Internet bandwagon. The
Tuesday close puts eBay within striking distance to retest its recent highs, and
I will be watching to see if this former Net darling can pull that off on
increasing volume.
Until Wednesday,
Â