If IOMG breaks 30 by the end of the week, I suggesst selling your entire position and moving on to other, undervalued stocks. It is true that IOMG once reached a height of 55. However, I guarantee this will not happen again in the near future. Too many people lost too much money for IOMG to see 55 with a ludicrously high P/E. In fact, most of the people I know who have invested in IOMG have lost a LOT of money by doing so in the past.
IOMG has finally stabalized at a price which is appropriate for the company, and I beleive that people are beginning to recognize this. Yes, IOMG IS becoming the standard in removable media. Yes, IOMG IS going to continue increasing their profit levels. However, this has already been taken into account by the current stock price.
A P/E ratio of >70 is very representative of IOMGs current and upcoming successes.
My problem with IOMG is that it is regaining it's "fairy tale" status, where people speculate not based on profits and sound company information, but on the Motley Fool, minor news, and other attempts to get suckers to buy. This disturbs me. Therefore, I sold all of my IOMG assets back when the stock reached 26 for a 50% profit (I bought in at 17 1/8 back after the first big drop.)
IOMG has again become a stock you have to monitor every single hour, because it could plummet at any moment. Frankly, there were some days I could see my hair beginning to turn grey. In addition, I can remember too many posts of "Oh No! I bought at XX X/X and it's just dropped 2 points! What do I do?" I don't want to see this happen to any more people.
Anyway, I've moved onto smaller, yet brighter, under-valued tech stocks. Monday wass the end of the 3Q, and I've found out that you can determine how a company is going to report by going into a computer store and asking about what's selling well. At first everyone will say IOMG, but after that, you find out about other companies which are also going to do well, but whose stock price does not reflect this. I personally like Cyrix. However, you should research individual companies, and weigh the current price against the research that you've done to truly maximize your profits in both the short and long term. Good Luck to all of you, especially those of you who weathered July and August and are now reaping nice profits.
Happy Trading.....
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