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Gold/Mining/Energy : T.ITE: iTech Capital (TSE) -- Ignore unavailable to you. Want to Upgrade?

To: Dave-in-Deep who wrote (761)	8/5/1999 10:41:00 PM
From: keith massey	Read Replies (2) \| Respond to of 5053

Well the small run was nice well it lasted. Back in the mid-.70's again for the time being. I guess with the current state of the market in the last 3 weeks and JDX not releasing any news the recent price does not come as any big surprise to most of us. Late July and August are almost always the hardest on penny stocks (next to Dec.) and the general state of the market is not helping things much for any stock. I just checked Carlson Online and there is still no insider selling and there are still no shorts on JDX. Nothing new on Sedar, their burn rate is still very low and and they still have .78/asset value ($23 mill) so the fundamentals have not changed. There is no major selling or buying from any houses during the past few months and most of the action looks retail in nature (small lot sizes). The last interesting move was a 50,000 chunk bought by Global a few days ago...someone must have known something. Looking back...not doing a deal until now may have been JDX's plan all along. They knew that July/August are historically the weakest months and that they could likely get the best conditions on a deal during this period. If they did a deal during Feb-June they would have paid top dollar which would have hurt them in the medium/long term. Of course I wouldn't have complained if they did a deal during peak session because the stock would have gone on a nice temporary run and people taking a quick exit would have made a killing (including myself). However if JDX is really out to build a long term strong company it just didn't make any sense to do the deal during peak session when the market was going nuts. These guys are experienced business men that have been around the block several times. They have a lot of their own money in the company so I am fairly sure they are out to make a deal that will give JDX the best bang for the buck and not some pump and dump deal. As long as this isn't the very top of the market and we start into a big bear market, JDX will get to ride up the next big wave on their new business news and Medsite.com deal. If history repeat, like it normally does, than we should see a nice run during Sept. Of course if this is really the start of a big bear market there are no safe places to put your money in the stock market although cash rich ones with low burn rates do offer a fairly safe place until the next bull begins. It looks like a medium term bottom was made on the market today but tomorrow's economic report will really tell the tale. .70-.71 should be a very strong resistance point for the stock. Hopefully this price level holds and consolidates until Sept. I will be on the buy in the .70's during August. JDX is currently my only holding, I liquidated everything a while ago. There are very few places I feel safe having my money on the long side on stocks right now. Personally I have been mostly playing the short side of the index futures during the past couple of weeks and staying out of the stock game. I can sleep fine at night with my position in JDX. Best Regards KEITH