Ken, I knew you'd be pleased with my findings, you little buzzard. <g> You'll be even more pleased to know that I sold my trading shares (1000) today (1/8 point profit- sigh) Yes, I know I said I was gonna hold, but this patent thing is the single worst piece of news since I've been in IOM. I thought long and hard about the injunction lifting and the reflector patent and decided that reason requires increased caution at this time.
Now I must also confess that the thrill and confidence in IOM are gone for me. I'll watch my core 1000 shares closely. I'll probably sell half of them if the price goes high enough tomorrow. Why? Because in addition to the above, IOM broke below 26 today for the second time in a week, and I suspect it will break down to 24 before options expiry. And then it's pre-announce season. then earnings season - an October one at that. I know IOM's Q3 earnings will be great, but I believe they are already factored into the current price. IOM's price will rise or fall in the next few weeks based on Q4 and Q1 expectations.
If the Nomai Zip clone is allowed to go to market, I am convinced that IOM stock will be doomed to the low 20's for about 1 year. Do you all remember how lame Syquest's CEO sounded denouncing IOM's suit, and how he forgot to mention right away that they would vigorously defend against it? Well, to me, IOM sounded almost as lame when the Nomai injunction was lifted, and they have not said anything since to inspire confidence that they will actually win this battle, just that they intend to stall with another temporary injunction.
I apologize to fellow longs for the doom-and-gloom, and I wish I had solid information to go on, but often we must make our decisions with incomplete information. My decision right now is to reduce my exposure. I do sincerely wish you all the best of luck with your IOM positions. And my remaining 500-1000 shares will be elated if it turns out that I am just the last bull to throw in the towel before the big runup. That's my usual luck. But I don't have to tell you what that feels like, eh Ken? <g> |
