There is no more bad news that can come out. Rates are at the bottom. Probably for one more quarter before they begin to head up in Q2-2013. Stocks will begin rallying in Q1 onward... Values are at all time lows and GNK has and will weather the storm due to their banks working with them..
Slow process but not much downside from here. IF we were at $4.00, I would say we could bleed down but the bleeding has been done and managers have exhausted tax loss selling...
They are positioning for a long term move in the sector over the next two years.
LOL! No more bad news? Hah. Try a new record low for the BDI. Try over 1000 more drybulkers added to the fleet next year. Try dozens of charterers going bankrupt next year.
There is a TON of potential bad news. Rates are NOT at the bottom. GNK MAY weather the storm, but that depends ENTIRELY on rates as their charters are tied DIRECTLY to the BDI since their good time charters expired on the Hadrian and the Constantine. Watch their earnings crash. Q4 will suck. Q1 will suck worse.
And rates for drybulkers do NOT heade up in the spring. That is when they historicallly sink to their lows for the year.
You guys just make stuff up and post it, don't you?
Money flow suggested GNK is under strong accumulation. Just a technical observation that 'could' lead to much higher prices. P&F charts suggesting GNK likley to test $4.50, above this level $9.00 is quite possible.