Cancelling an Auction after it's Started

[navyvetwatchseller]

I started an auction at .99 and after 2 days there was only one bid...and the article in question has a street value of at least $50 so I ended the listing. When I first started, about 7 months ago, I had no idea what I was doing (not that I know what I am doing now) and listed a very expensive item as my first ever auction, and that time I let it ride out and only got one bid of 99 cents for $150 item.  That caused a lot of grumbling, from me. Anyway, would like comments on the pros and cons of cancelling an auction after it starts, or is it legal? Ebay seems to make it fairly simple. Thanks. 

[anjofak]

I have been finding it really dose not matter the price or the selling choice when no one can see it price at 42$ recommend sits months, auction it starting at 2$ sits just the same..odd

Throw the same item on a another list 50$ sold week 1..