Wasn't trading 1999....how did it pan out & what do we do about it! DRYS is just as hot as BIDU! up 50% in 30 days!
I remember year 1999 as a pretty good year. About October 1999 the Standard and Poors 500 index value decreased to near the low value for the year. Kind of like the selling that I recall witnessing with the stock market about August 2007. I suspect one reason for the decrease was George Soros deciding he wanted nothing to do with investing in low capitalization high technology stocks. Traders play follow the leader sometimes. George is selling so others sell also. Then Mr Soros changes his mind and hires a well known trader to manage Quantum fund investments in high technology dot com type stocks. I do not remember the trader's name now. These guys start buying dot com type issues, and others join the hysteria and November, December 1999 I remember a powerful rally - the slang term might be bull market - began. For me it was the same story as now. I recall prices breaking out from cup and handle formations. I remember buying VIGN about then. VIGN price kept rising. I added to my position on price dips. I do not trade like that now. Price kept rising and I vaguely recall using a 50 day moving average as a trailing stop. I probably have it written down in my notes someplace. Maybe I made $ 25,000 on that trade. There were other big winners also. Then prices got weird. Upside breakouts began to fail. Defensive issues such as medical stocks began to lead the market. The whole episode reminded me of William J. O'Neill's book "How To Make Money In Stocks". About 2001 I had my big losing streak. Maybe I lost 19 out of 20 times in a row. Boom had turned to bust. I can not predict the future reliably. There are always three choices - buy, sell, or do nothing. Sell now into this climax top and you exit with a good profit. Also possible this company is the next Microsoft and if you sell now you lose the potential for a really big gain, maybe millions of dollars. I prefer to follow the long term trend. It's the really big winners that make really big money for me. Finance.google.com is reporting strong growth for DryShips, Inc. Sometimes growth continues for years. I do not own DRYS. Never did. I own stocks in similar type companies though.
Just crazy that stock. Yeah, 1999. I'm one of those "it's too high at $80, $95, and now $110". Keep thinking you missed it looking for the nest runner like that. But we could list at least 100 stocks with that attitude this year....
120+ I mentioned this here around 98, didnt think it would be up 25% in 2 weeks. this stock goes only one way...
I'm short DRYS at the close today (118.00, stop 120.50). This thing is going to 105 at least. The volume today was crazy.