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7 Hot Stocks to Trade (or Not)

eBay

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Nearest Resistance: N/A

Nearest Support: $43.75

Catalyst: Positive Earnings

eBay (EBAY - Get Report), on the other hand, gapped up big this morning following better-than-expected earnings news. The online auction site saw profits climb to $692 million on the success of the firm's PayPal unit in the second quarter. The move brings shares of eBay to a new 52-week high in this afternoon's trading.

Making new highs is significant from an investor psychology standpoint because it means that everyone who has bought shares in the last year is sitting on gains. As a result, the "back to even" mentality is less of a concern than it would be for a name with a higher proportion of shareholders sitting on losses.

For late-to-the-game buyers, though, I'd recommend sitting on the sidelines until EBAY pushes above today's high water mark.

Ebay, one of the 10 Best-Performing S&P 500 Stocks in the Second Quarter, was included on a list of 10 Stocks of Top-Performing Mutual Funds in 2012.

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SYM TRADE IT LAST %CHG
WAG $81.65 2.05%
EDU $25.03 0.00%
EBAY $57.94 0.00%
MS $37.45 0.00%
NOK $6.38 0.00%

Markets

DOW 17,928.20 -142.20 -0.79%
S&P 500 2,089.46 -25.03 -1.18%
NASDAQ 4,939.3270 -77.6020 -1.55%

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