I think NM is being pulled down by NNA, which NM controls and owns a lot of. NNA will do well eventually, as will NM, but NNA has been the real falling knife-
I think you have to buy into Angeliki's overall strategy. Or not. That is a long term strategy, not short term.
Disclosure- long NM, NMM, and very recently, NNA
The whole sector stuck in the 2010 BDI sargasso sea
NM took the worst dive this last month, it will more likely pop back to the mean some time in 2011
sure 4.75 could be tested, who really knows i'd be sadly surprised if it reports a loss next q
disclosure, I have a hold full of this shipper keeping it dry for delivery to the highest bidder not likely to be found for quite a while
I'm out. Again we are the biggest percentage dropper in the shippers.
I am tired of watching my other stocks rise to off set the daily losses from NM as it sinks deeper and deeper.
I actually don't see it going much lower but there is more money to be made out and it's not in NM and the shippers right now.
To LONGS I really hope this works out for you.
Losing you JW makes me think we've finally hit bottom (the faithful get kicked in the teeth at the bottom), hopefully you'll jump back in soon to ride it up. Unless DOW tanks, I think $5 was it, but we'll probably kick around at these levels until we get news, BDI does a much needed bounce, or Jan. 1 comes, whatever is first.
Think the shipping sector has reached "complete capitulation" Now would be the time to add more. No one wants shipping but it is not going away. They will probably rocket first part of Q1 in January. Probably the worst sector in the entire market place for now. NM is a bargain
I don't think things are quite that bad. Other stocks in this sector are also not faring too well. I think we're seeing effects of the BDI (which I believe will bottom at 2000 in the coming week), as well as some end-of-year selling for tax purposes. I'm optimistic that stocks in this sector will pick up in early Jan. Until then, there are many bargains to be had.
There are other sectors to trade. I wrote a Jan $5 call on this stock. Hope they call this POS. This sector has definitely been a loser and never want to see another shipping stock. How can shipping perform so badly when everything else is going up? Big mystery but no place to invest. We are heading lower that is for sure. Nothing can help this POS.