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Non-Tech : Any info about Iomega (IOM)?
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To: J P Cross who wrote (6291)8/20/1996 12:53:00 PM
From: IceShark   of 58324
 
Well J P, I have never been able to figure out what is going on in the immediate near term. I almost died when I shorted at 44 and it proceeded to rocket to 55. Was able to hang on till it fell to 37, but, my broker was sure squeezing cash out of me for a few days. I have been playing this baby on both sides and am presently out after having closed a weekend long position for a whopping 1/4 point gain. I just got tired over the weekend of flip flopping between wanting to go long or short. No ax to grind at the moment. I do not believe there are many investors/speculators in this at the high 40's and above. I would suspect that most buys on the run to 55 were short coverings - I came a few points away from this - and the majority of long buys have likely bailed. But there are alot of people in the 20's to 30's who are getting pretty sick and tired. Also a lot of early investors who have watched visions of new BMWs (or more) turn to bicycles. I only partially subscribe to the MM manipulation paranoia raging across the boards - but they can certainly push the snowball down the mountain. The individuals who were pilloried for suggesting single digits several weeks ago are looking kind of smart now. Futhermore, the increase in institutional holdings from 2 to 8% doesn't give me much comfort that a floor has been reached - what if they decide enough is enough? So, with all this negative sentiment maybe the bottom has been reached, but, looks like a sucker bet at the moment.

When I step back, it looks like there is more downside than upside at the moment and I will watch from the sidelines.

Regards, DWW
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