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Genco Shipping & Trading Ltd. Message Board

  • pb_harris4 pb_harris4 Sep 14, 2012 8:15 AM Flag

    GNK Breakout?

    GNK shares have been repeatedly bumping up against a band of strong resistance topping at $3.78 or thereabouts before being pushed back down below it. With the BDI inching downward a point a day the past few days and with the massive open ended money printing announced by the Fed yesterday and with the major rally in the equities market in China overnight, I have the sense that today could possibly be the day GNK finally breaks out above the $3.80 mark and leap across the $4.00 level with nothing holding it back until it nears $5 a share. I myself would like to see a $4 handle on GNK shares since I own a ton of call options as well as shares. I also believe that there are legions of traders watching the GNK setup and they are ready to pounce to get long squeezing the short sellers (having borrowed and sold short more than 5 million shares) as soon as they spot a print in the $3.80s. Keep an eye on GNK shares. Today could be the day we see higher prices on GNK after this beautiful technical setup. Also, keep a watch on the BDI for a major reversal and a spike higher.

    Sentiment: Strong Buy

0.57+0.03(+5.95%)Jun 30 4:02 PMEDT