eBay before the bell: buying opportunity?

With eBay's stock price under $35 and only a few dollars from its 52-week low ($31.20 on April 27, 2005 ... if you're counting), it could be a good deal. Do I hear the words, "buying opportunity"? It's definitely been selling these past few days, with volume more than 50% higher than average and prices slowly falling. At just over 45 times, the company's P/E ratio is pretty high. But it's been way higher and it's no less of a great company than it was two years ago.

It seems that, every day, more people use Paypal and Skype, and someone else tells me they'll check for a skein of handpainted yarn or a used cell phone on eBay instead of buying it IRL. Who wants to get in the car and go shopping, after all? (Not to mention: you'll save gas. Always a good thing.)

There are always two questions I ask when I'm thinking about the future prospects of a stock; one is am I spending my own money there? and the second is, do I believe in the management team? The answer to both questions, for me, is still "yes." I think I'd wait until eBay dips a bit lower, but under $35 is definitely a sweet spot for me.