DRYS is a fucking piece of shit stock, strong sell. It's sickening to watch if you're long. Probably a real delight for shorts. SHORT AT WILL, it's going down to 60.
I bailed on my naked DRYS puts early this morning near break even and nothing felt better at the end of this day.
TBSI and DRYS (a.k.a Mr Economou piggy bank) are the top two stocks if you want exposure to ***Spot Dry Bulk Shipping Rates*** activity during US hours 1430GMT onwards. Last few sessions Capesize rates were going up whilst rates for Panamax, Supramax and Handymax were range bound but gently heading south. Yesterday Capesize rates tanked a little over 1% and today was 1.98%. Capesize FFA data IMHO has always been dodgy at best. Also steel demand looks set to soften, so that should be able to take wind out of Capesize tonnage demand.The parabolic move in rates was being attributed to increased iron ore demand for delivery to N.E. Chinese ports Dalian,Tianjin,Shanghai e.t.c but looks like most dealers have been hoarding the stuff, and we should be heading downwards until excess inventories have been consumed. South American cereals exports have yet to justify current rates. What you might find useful as well is checking out Hong Kong action on Pacific Basin 2343.HK, China Shipping Development 1138.HK and Sinotrans Shipping 0368.HK well before premarket just to gauge activity. In addition the latest upleg on BDI was not only Capesize fired, but was approximately 8 days faster and about 450 points higher than what happened last year in November. If VOLATILITY and CONSTANT HYPERVENTILATION do not WORRY YOU please stay on board. DISCLOSURE: Short TBSI since 56.88 P.S. I miss QMAR P.S.S "macroeconomic trends" and story does warrant improved profitability across entire container and dry bulk shipping industry but chatering a Capesize at close to a 3rd of a miilion US Pesos is Bollocks !!!
dry shits down another 5%..wow this has to be the worst stock ever..like Citi and Wamu back in january I really do know almost everything. When I said to dump this duce at 92 I was right. Now at 78 and free falling.