Agree with your assessment. Anywhere below $1.20 is my target price for entry - as per my post of Feb.
Just picked up some this morning. But i'll only acumulate gradually in case of another shorting push on the nasdaq prior to July.
The worst I would say is behind us - but do think icq could go mid 90c on serious distressed selling. Unlikely though.
This sideways trend will likely last until mid June though - depending on $A holding fairly steady relative to each other.
A lot of ASX listed tech stocks are held by Hong Kong based funds - so big shifts in currency can drive big selling or buying.
Be aware of this - it may seem an odd point. But Nomura just put out a global research note calling the China property bubble as now busting.
It came out last Friday - so for the next 2-3 weeks we may see big sell off days if global fund managers like Vanguard and Fidelity starting shifting money out of ASX - which is seen as a China correlated market.
Its not to say Nomura is right - how many times have the analysts got the China bubble story wrong.
But funds may just play a little safer while they wait to see.
ICQ Price at posting:
$1.14 Sentiment: LT Buy Disclosure: Held
