My 2 bits FWIW
I'm of the opinion that we are going to be range bound for at least the remainder of this quarter and possibly for the next also. The overall market conditions are the primary reasons for my "reasonings".
Seems to me that there is too much uncertainings, so to speak. Interest rates, inflation worries, that combined with no apparent leadership from IDX will tend to keep many (myself included) from putting new money into IDX, short or long. I see 11 to 12 as the support area for the time being and 16 to 17 as resistance.
IDXs' talk of 7 - 10k of product coming off the lines doesn't sound like a lot of money coming in. We haven't heard of any money coming in and with the delays that would seem to indicate that there won't be too much to be seen in the near future. Which leads to another round of financing, ie, dilution??
Seems like the ASCOM shares haven't been taken off the table yet. Wisconsin sold over 300k since Feb. Don't take that as a complaint. Smart money management for their people. That combined with IDX insiders tends to take the steam out. It's real hard to buy when you see large blocks being sold. But then again, someone was buying those blocks...
I'm also of the opinion that because of IDXs position in the biometric market and of the future of of that market, that the CEO search should prove fruitful. What individual would not want to take over such a promising company. The foundation is in place, debt free, and institutional interest picking up. Long term looks rosy. Short term looks uncertain. We have seven weeks until the end of the year. There may be a chance we won't see an announcement until the the new CEO has a chance to set up a team with a plan to talk about..
Soooo, unless contracts(sizable) are announced, and/or until the leadership is announced, there will be a perceived lack of direction I think. Without leadership from the helm, we may drift with the market currents.
steve |
