DRYSHIPS, TIME TO PULL UP ANCHOR IN THE SHIPPING SECTOR
Dryship shares have been recently battered, slipping to the $4.75 area in light of the BDI hovering around 2000 gaining 300% since the Nov 2008 bottom. Fellow shipper Nordic American Tanker (NYSE: NAT) reported earnings today of $.50 and declared a $.70 dividend /share.The company also said it is considering further acquisitions to increase its presence in the drybulk shipping industry.
Dryships shares are near the bottom of its current trading range and at oversold levels, look for the DRYS bounce to happen as share liquidity drys up taking it back to the $7.50 to $10 range.
"Mark to market asset values in the whole shipping industry most certainly has risen, if not sky rocketed, look for large right ups in the sector"
A profitable trade on DRYS can be made if you buy now a set a target sell price of $7.50