Apologies to all those users of this board that don't care or give much credence to the baltic indices.
But I couldn't let the BHSI's first positive session in 40(!) pass without a mention.
Well, today the BHSI closed up a HUGE 5 points...meaning it's now only 38% down from the May peak...or 60% uplift before we're back where we were.
So have we bottomed? Let's f*****g well hope so. The BDI has now had 3(!) positive sessions in a row...wow, for the BDI it's really in danger of becoming a TREND ;-)
Unfortunately, it's right when the wider markets are trying to fathom if the Q2s are good, bad or ugly.
Up, down, left, right. All in all...still makes FREE a HOLD for me at anything above $1.05.
Nice to see BHSI heading back towards 1000 and wider markets enjoying some postive sessions.
I posted some a few weeks back that I was expected a summer rally into Q2 earnings. And that we could well see FREE back up to $1.20.
But the real risk remains that this is a SUMMER RALLY on overall low volume - nothing more.
DJIA needs to break and comfortably hold 10750 and BHSI needs to break and hold 1400 (1250 absolute minimum), with FREE comfortably above $1.25 and holding before anyone can say this is anything more than summer lovin'.
Be carefull everyone! A couple of sunny days doesn't mean the glory days are back.
tenaedi: I've been at this too long to believe anyone's predictions, including my own! I hope you are correct. Nothing would be sweeter than a double in a couple of months. Just remember: Don't get too greedy. Pigs do indeed get slaughtered! I will scale out of my positions early and wait for the next easy opp. But that's just me.
We'll see. I'm just buying on fundamentals and what I see as a bottom. I don't see a lot of downside from here compared to the potential gains. Just like semiconductors in March of 2009...
Good luck longs