Shippers Are Back, Buypoints Ready
For those who like the dry-bulk commodities shipping trend, then you will like taking a look at the stock I have listed here today. These stocks are heavy momentum trades and know how to run when ready.
Today I have featured Dryships (DRYS), Genco Shipping (GNK), and Excel Maritime (EXM). Readers of this blog know we ran Dryships from $88.20 to over $100 not even a month ago.
Before taking any position you have to understand the rules of the game. You can refer to my trading rules if you like, or use your own. Personally I cut my losses extremely tight, and I am never afraid to take profits.
Just so readers know I currently have a position in EXM which I grabbed yesterday at $52.05. My stop is currently at $51.35. Unless DRYS and GNK start moving up the probability of EXM making a decent run is slim.
4:22 PM EST Update: I was knocked out of my EXM position at my stop. DRYS nor GNK hit their buy points so it looks like this group needs a little bit more consolidation yet.
A volatile one she is, that EXM. I see some support at 50, but the more it test the better chance it will fail. I am still long, so hopefully it holds. This might need more consolidation.
Seems like more consolidation is the answer. I got knocked out mid afternoon, but what can you do!
Blain,
Take a look at GRMN. It broke its downtrend around 50. Looks like a low risk entry around here.
Nice eye Steve, emailed you and let’s talk more.