Yes, I think so too. Not only that, but there was
some significant and obvious selling into the rally
today. EBay is on the soulder and will be heading to the
basement as soon as it finishes shaking out the
Longs: The nasdaq, dow, *and* S&P post very strong gains
and EBay goes kaput. There is no support above 80.
Frankly, I don't even think there is support at 80. This
baby is heading towards $30.
I'm still playing
my straddle. Made another $5K today.
Here's what I think may be happening: People are
nervous, and want to put their money in relatively safe
stocks. At the same time, they want to invest in growth
companies with proven earnings results. Therefore,
investors are rotating out of most net stocks, into 'blue
chip' tech stocks like CSCO, IBM, MSFT, and INTC. Each
of these stocks have 'high' p/e's (above 30) but
still people recognize the value in these companies.
Net stocks are now out of favor. Their valuations are
ridiculous. Nasdaq was up nearly 3%, and most Net stocks were
Obviously, because they are the winners of the
war. They supported the price of EBAY for so long and
everyone believe that the price would go up, and now they
selling into the rally.
What a smart
Go to I-Watch there
8/10/99 - EBay To Offer Car Auctions, Expand
SAN JOSE, CALIFORNIA, U.S.A., 1999
AUG 10 (Newsbytes) -- By Laura Randall, Newsbytes.
eBay Inc. [NASDAQ:EBAY] plans to
offer new, used and collectible cars on its Website
within the next few months
and expand its regional
auctions into 50 additional cities over the next year.
The company outlined its plans to analysts at a
briefing at its San Jose, Calif. headquarters
EBay spokesman Kevin Pursglove said the cars will be
offered under two umbrellas - as
part of a "Great
Collections" auction that correlates with eBay's purchase of
Francisco auction house Butterfield &
Butterfield and as part of a separate collection offered
conjunction with eBay's purchase of collectible
car dealer Kruse International in May.