Shipping Stocks Squeeze
Shipping stocks, one of the few sectors still near/at their 52 week lows are on the move in dramatic fashion. The smallest of the group are getting the biggest move. FreeSeas Inc. (NASDAQ:FREE) is trading at $0.580, +0.215 (58.81%) while NewLead Holdings Ltd (NASDAQ:NEWL) is trading at $0.188, +0.048 (34.00%).
This is a classic short squeeze. Other shipping players are up as well, though not seeing massive gains. DryShips Inc. (NASDAQ:DRYS) is trading at $1.86, +0.04 (2.20%).
As long as the market stays strong over the next week, focus on the shipping stocks that are near their lows but have not moved in a big way yet. DryShips would be one, along with Genco Shipping & Trading Limited (NYSE:GNK).