RE: Positive news18 Jun 2020 14:03
Static. What we are seeing the last few days no way reflects that ITM is a poor investment going forward, far from it. For the medium and long term it's great investment.
However, what we are starting to see now is the market re-ajusting for some major uncertainty in the the very near future Covid-19, unemployment, and in the case of the UK , Brexit uncertainty.
It will drag down even shares with a good outlook such as ITM. In these times people want the security of cash and there is just so much profit being held on paper here that the temptation in these times is to take it and he safe.
The reason I temporarily sold here last week is there is a possibility of a mass sell off here to protect profit.
It's obvious that the demand is sinking to buy in at 300p plus levels looking at the volumes this week so it is now going in the opposite direction
I took the gamble last week based on my gut feeling I would be able to rebuild my position a lot below my 298p exit point, and I am still fully of that opinion. I could have bought back in earlier today at 284p, but I am not even tempted yet, I think we could see things go a lot lower yet when the real sell off across the whole market kicks in and that could be tomorrow, next week, or next month. It's difficult to call. There is no really good news on the horizon for the foreseeable future as a whole. The newsflow for hydrogen will still be good, but in a situation where people want the security as cash it won't have the same effect as when everything is hunky dory.
Sometimes it makes sense to throw some caution to the wind.
I know I got criticised for my change of stance last week and even accused of de-ramping.
What people have to realise is that not everyone on these boards are long term private investors so it is sometimes good to share valid thoughts when there is uncertainty in the market.
All I was getting over is that there is a great opportunity to protect some profit here and take advantage of the uncertain market and buy back in later, and with the £ 14 million of directors sales last week I think that is their thoughts to and I think we will see some impressive directors buys a little further down the line when the uncertainty levels out. They certainly have the cash for some major buys and so will many others and the SP at that point will head northwards again of 350p.
It's a gamble on my part , but the above explains fully my philosophy behind my posts or last week.
Worse case scenario I miss out on a bit of profit if I have called it wrong, and it is good to have a bit of balance on the board from someone with good intentions.
Anyone holding will just have to put up with a bit of extra stress as you see things swing up and down, but if you can cope with that, no worries you have a good future ahead here years down the road that is for sure.
It's even possible we could see some deflation which makes holding cash not such a bad thing whilst
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