PPR - EBAY
eBay (EBAY) gapped up for a third time in a row on yet another strong earnings report three weeks ago, and since then has been working sideways in a tight range. EBAY flashed a buy signal yesterday with a "pocket pivot" buy point that came up off its 20-day moving average and up through its 10-day moving average. This type of action within a tight consolidation following the gap-up of three weeks ago is very constructive and in fact buyable. Ebay's Paypal and core online auction and e-commerce services have continued to grow in recession-stricken Europe and slowing Asia-Pacific. EBAY stuck with its full-year 2012 guidance despite economic weakness in the Eurozone, and investors have responded by moving into this first-mover in the online auction space.
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