"I'm joining a very limited club and am proud to be doing so," he said. "I suppose I must have done something right but whatever I was doing right I'm not doing at the moment.
"A manager's longevity depends on results so if I don't liven up I'm fully aware of the consequences.
"It's painful. I feel for the fans and I feel for the players because they are trying.
"From February onwards we have been less than average at home. We have nine games to go, six are away and at this stage of the season it is harder for home teams.
"But that is no excuse - we know we are not performing to our potential at the moment. We are not playing well enough to win games."
Jim Magilton was a much happier manager.
"We have gone to Molineux and the Madejski and taken four points so I can't praise my players enough for their commitment, work ethic, attitude and application to their roles.
"I'm very proud of them. They have been absolutely fantastic. We've still got a chance of making the play-offs."
Reading had started brightly and Dave Kitson, making his second Royals debut after returning on loan from Stoke, headed against the bar after just four minutes.
But Ipswich weathered that early storm and were by far the better side after Stead netted his 10th goal of the season in spectacular style.
Magilton said: "It was a training ground goal - not. He's our top scorer and has had real moments for us. You have got to show belief in Jon and if you do you will get more performances like that.
"He hasn't always played well for us but he did today."