Momentum play. plain and simple still to the upside. When trillions and trillions of phony dollars are being printed with no end insight any POS with upside momentum will continue to be propelled upwards. By the action of this today (and i was short and lost even on a daytrade) this POS looks to have another leg up probably about half of previous leg before the hammer drops and it takes a breather. Hard to believe the endless upside of this market but it won't end because of FED.
Cape size rates up 400% in past few weeks. Supramax rates up 20% Good news out of Germany today are 2 very obvious reasons Egle would be up despite dow being down. Especially since dow just shot up last week.
Bit of a mis-quote there. The BDIY was was around 1139 a few weeks ago and was floating around 800 for the whole last year prior to that, now it's at 1947. So it's only up 140% from a year ago and 71% from a few weeks ago. The fun part is that EGLE only owns Supramax ships. The Supramax portion of the index is only up 14.6% from a year ago, yet the stock is almost double. They still were rated sell to neutral across the board before this price spike and they're almost at 3 times the 1 year price estimate. This was just a plain and simple squeeze that only had 4 days to cover (and those 4 days are now pretty much complete). Would be amusing if we hear of a secondary soon which would make the squeeze an interesting coincidence.
Look at the price action last year at the same time. EGLE seasonally popped and then gave up 25% over the following 3 weeks (last week of Sept and first two of Oct).