Yep, after announcing blowout earnings DRYS fell from 115 to a low of 85 yesterday due to a low and easily manipulated float. The trend had a solid reversal today and skyrocketed back to 95, and it looks like an easy shot back up to 115 and longer term 150 and above. Right now due to shortages drybulk shippers appear to be able to dictate exorbitant spot prices per day on ships that transport coal and iron ore to China. With the Baltic Dry Index poised (uh oh that's an unlucky word) to make new highs, some people will find value investing in transportation over the seas. I bought 100 shares of DRYS at 94.26 by accident on Friday and watched it slump to a low of 85 yesterday. Today I broke even and then some and am looking to book a handsome profit over the coming weeks. The stock has a low P/E ratio of 6 or so and the fundamentals are absolutely sound and the technicals are also there with the elusive "golden cross" formation looming.
This is a volatile stock, keep your stops tight, start using oxygen mask if you hyperventilate during trading hours seeing Baltic Index move.
I was looking at it, and forgot to enter a buy order at 89.75 Wednesday, and since they, they just pass me by a mile. Waiting to get back in.
Sell it DRYS has a really crappy blowoff chart. I would go with CLF or MOS/POT if you want to play global infastructure.
I regret making this thread. Must have been the sign of a top, when some yahoo makes a thread about a stock ready to EXPLODE !! !! !!! exclamation !!! !! Sorry guys, I'm the ultimate fade once again. Still holding tight. stock, I played with MOS and its a roller coaster just like this stock, except its cycles are somewhat shorter. I also tried IPI but got burned. IPI is a POS.
i loved qmar last august and absolutely loved it in jan. still can't believe they sold out for such a low amount.
Sucked in a lot fo shares of many drybulk shppers in the past two days.... expecting a good come back from the group soon.
You have to hold longer term. You can't time the daily ups and downs. I can't and neither can anyone else with any realiability.