Unfortunately, I agree. Sold everything at and average of $21 and I'm happy that I did. I'm convinced that the shorts will play their games and drive the stock back to $19.5 by the end of the day. Next week, without substancial good news from IOM, the stock will be back in the $18's. I do not think it will go any lower than $18 this time, unless negative news hits.
For the long-run, I'm very bullish on this stock. However, it will take more improvements in the fundamentals (laptop zip shipping, >$0.20 2Q earnings, more zip standard boxes ON THE SHELVES, 2gig Jaz, more mfg lcensing agreements, etc.) to move this stock up and keep it there. I beleive these things will happen, but I know that this stock is being manipulated. Until that manipulation stops this stock will not trade based on fundamentals.
Obviously, I have a vested interest in the stock going down a little. So take what ever I say with "a grain of salt". I am being honest, if not entirely objective. I hope that I played this one correctly. This is not the first time I've made money on IOM going down.
- Pete |
