Called a market top in October. Could this fool be any more clueless?
oysterbeach1 • Oct 28, 2013 3:14 PM
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Get on the sidelines
The higher the stock market runs, the worse the correction will be. Shippers already tanking on the collapse of the BDI....When this correction comes, shippers will be thrown out with the bathwater. Meaning your DRYS baby will be thrown out with the bathwater.
The BDI will likely continue to correct, and by the time the broader market correction gets here, no telling where these stocks will be. Save your cash, you will be able to get these stocks cheap, real cheap. If the correction is harsh, which more than likely it will be. I would not be surprised to see you be able to pick DRYS up for $1.50, that's a buck 50 ....Or even cheaper.
For those buying now, thinking they are buying on the cheap, not so. Stocks market is at it's all time high, BDI will continue to correct, so will shippers. But you say DRYS owns ORIG, don't matter. It has never mattered on valuing this stock. George Economou could care less on where this stock trades, he is making his money no matter what. All he wants for DRYS, is for it to stay a public traded company...Right now he continues to push those shares out the door.
Don't every buy under the current scenario, you will lose, and you will lose over & over & over....Of course, you could see a little bounce off the bottom, but not much. The trend is like written in stone, nothing can give these stocks a sustained rally...The only thing right now that can is the momentum/HF traders running with it, but that would not hold up.......Get out!
Bernanke's world will not end pretty, probably one of the worst blunders in modern times, this coupled with Obama care.
Speaking of momentum traders, I would not be surprised to see them take shippers up 8-10%, then bring them back down just as quick. Get out on any bounce, this bounce may not come.