The Stock Market and Dow Jones are moving into both positive territory and negative territory today. The Big Three Automaker CEO's are getting set to speak in front on Congress and I don't think its a guarantee that they will get bailed out. We also have a jobs number that will be brutal tomorrow morning at 8:30am, so right now that markets are at a stalemate. The Nasdaq keeps hitting resistance of roughly 1500 and failing, this is something to watch as we close today.
The Biggest winner on my screen today is DryShips ( DRYS ). This stock has been beaten down with all the other dry bulk shipping stocks. It appears to be an oversold bounce as Shipping Rates continue to fall. Bulk Shipping rates were over $200,000 per ship earlier this year and are down around $750. Business has come to a halt and this is why DRYS went from $100 per share to $4.50 per share. Karen Finerman on CNBC Fast Money own Diana Shipping ( DSX ) long. She says if you have to own a bulk shipper, Diana has the best balance sheet.
The home building stocks are also getting a bounce today. Beazer Homes ( BZH ) stock is up 24%.
All I own right now is a Google ( GOOG ) position and bought some QID this morning to protect in going into tomorrow. Sold RIMM when it failed to break $40, when it gets over $40 I will be the first one back in.
Check out Art Cashin's comments from this morning!
For the latest updates on the stock market, visit, http://daytradingstockblog.blogspot.com/ or Subscribe for Free
Showing posts with label dsx. Show all posts
Showing posts with label dsx. Show all posts
Thursday, December 4, 2008
Wednesday, August 13, 2008
DryShips ( DRYS ) - Baltic Shipping Index Turns Higher
For the first time in awhile, the Baltic Shipping Index has turned higher. This is making stocks like DryShips ( DRYS ), Excel Marinetime ( EXM ), TBSI International ( TBSI ), and Diana Shipping ( DSX ) to all move higher.
Out of all of these, I really like DryShips ( DRYS ). Now that the bottom has been established around $65 last week, I think it is set to move higher to test the $85 level. Drys hasn't closed over this level in awhile! I believe a close over $85 would start a nice uptrend and break out.
Trading Drys - While DRYS is $74 right now, I will be buying any dips under the $70 level. I think the trend is changing as we speak from downtrend to uptrend. Keep an eye on Drys and keep an eye on the baltic shipping index!
Out of all of these, I really like DryShips ( DRYS ). Now that the bottom has been established around $65 last week, I think it is set to move higher to test the $85 level. Drys hasn't closed over this level in awhile! I believe a close over $85 would start a nice uptrend and break out.
Trading Drys - While DRYS is $74 right now, I will be buying any dips under the $70 level. I think the trend is changing as we speak from downtrend to uptrend. Keep an eye on Drys and keep an eye on the baltic shipping index!
Subscribe to:
Posts (Atom)