I sold my holding in TOX today for the following reason:
Large sellers after the open this morning and the market depth on the buy side had diminished. This triggered my trailing stop. Protect profits at all cost. I will look to buy back in but not today as I will wait and see what happens over the next few days and wait for the July report. If I miss out on a few dollars so be it.
Other concerns I have had regarding TOX:
Concern that the plant upgrade will not eventuate. It would pay shareholders to give Gostlow a call and ask if they are now shelving the upgrade.
They still have the tank cleaning business on the books. It was due to be sold last financial year. For the amount they are going to sellit for, they might be better to leave it on the side of the road.
Lack of stock purchases from directors. It has run up from 1.9 cents and if they were confident in the stock why didn't they buy along the way.
There was an indication that the CEO was talking with institutions about the company. As yet I have failed to see any announcements about major shareholders on the register.
Please don't think I am overly critical of TOX, I am impressed with the turnaround in the last 6 months. They are moving in the right direction but I am still wary and don't want to give up my profit by not being on the ball.
Cheers
Cobby
TOX Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
