Anybody in on the dry bulk shipping action? (DRYS)

Quote from stock_trad3r:

It is heavily dependent on shipping rates and other factors while COAL and IRON isn't. The chart, however, tell all you need to know. There is a lot of dumping by smart money which explains why DRYS will often fall $3-5 in a day while the market is only down a little or when stocks like CLF and MOS are rising. DRYS is heavily distributed cause the momo traders are leaving.
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If you mean what you mean about the chart.. the dumping from the smartmoney is coming to the end for this round.
 
EXM and GNK ended the day at a nice pullback, too. Came close to entering after each selloff today, glad I waited: GNK below $66 :-O
 
Its a pretty textbook long setup to ride wave 5 up. I only use elliot wave on stocks when a chart looks picture perfect for it, and this one does. Entry at ~85 would have been good, but 90 isn't bad. Stop just under 80 and a target of ~120. Nice risk/reward setup.
 
Quote from Thermactor:

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.
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Look at the chart during previous earnings reports. DRYS did the same thing last quarter, but only in a bigger way. Due diligence man, due diligence.
 
Quote from NoDoji:

Anyone else get in on GNK, DRYS, and EXM this morning? Made our salary for the week...:cool:
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Me.. got more GNK, DSX, TBSI, DRYS and EXM...

FRO is a no no to me... at least not now.
 
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