AMAZON AND EBAY BOTH MAKE THEIR MONEY MOVING OTHER PEOPLE'S INVENTORY.

AMZN is the everything store — first-party retail, third-party sellers, and the logistics network sitting under both.

EBAY is the older marketplace, still built on listings, resale and hard-to-find goods rather than owned stock.

Same sector, same industry, same shopper. The distance between them has stretched wide and closed back up again and again — and it has just stretched again.

We trade that gap, not either company. This is not a view on Amazon or a view on eBay.

Use *** AMZN−1.0003*EBAY *** in #Tradingview

Amazon sold off hard into late July, then ripped back to its highs in the last fortnight.

eBay spent that same stretch drifting sideways near the upper end of its range.

The spread pushed clean through the top of its band on that move and has already begun sliding back toward the middle.

That 1.0003 is a ratio of shares, not dollars — one share of Amazon against just over one share of eBay, sized so the two behave as a single instrument.

Cointegration is a claim about the level between two names, not the direction of either — both can run hard and the pair still holds.

NB: The textbook would say that the hostile bid for eBay would disqualify this unless you held a strong view on the probability of GME succeeding or (less likely) another bid