The rough trot at industrial conglomerate ION has continued since issue 146/Mar 04 (HOLD FOR THE UPSIDE-$1.92), with the stock down 16%. The unexpected news that its respected managing director, Graeme Salthouse, is stepping down has created some uncertainty on top of the negativity which followed ION's recent share placement. AMP and Perpetual Trustees recently announced that they were no longer above the 5% substantial shareholder threshold and we suspect that they have been behind more recent large sales. In smaller stocks such as this, two large fund managers selling at the same time can have a savage effect on the share price in the short-term, which has proven to be the case here. We don't recommend subscribers take any action until reading our full review in the next issue. HOLD WHILE UNSTABLE.