Don't want to jinx but perhaps the bid is breaking out of the last few sessions of sideways action? Starting off nicely....the volume surge corroborates the pop....let's see if Master allows Poochie this little adventure or yanks back into the mid $17.30's dog run....
Well one thing is certain....BABA is the current Wall Street "flavor of the moment." (My term for blind mania associated with an equity). As such it's not a bad vehicle so long as you keep both eyes open on your position. Right now all you hear from the self-annointed pundits of the "know" is Ali Baba this...Ali Baba that...it's identical in style (if not substance) to what they cheered on with Apple, Netflix, GOOG, etc.. They're always this way as they shill for advantage. Nothing wrong with this....it is what it is....just don't by the hype...and be prepared to flip to the short game when the set-up says to.....nothing personal about this as it's just the other aspect of this game....
As for BAC...well....it looks.....stuck.....current bid once again at $17.37. I don't know from dead money since as a trader my view is you still can profit from the endless churn. But a BABA it is not....
Let's see how it goes today for both? G/L.
Chug and churn. Churn and Chug. Might as well not look at this one as there might be an upside bias but the machines are having too much fun just tossing it back and forth at current level for "fun" and rebate profits. It's a livin' don't'cha know? HEH! Bottom line? This one remains the darlin' of the chug and churn set...so don't expect it to go anywhere fast anytime soon. It is what it is..
Mrohyeah: HA! I understand what you're saying but that's vesting too much emotion in what, to be good at it, should be an unemotional game much akin to poker. You never get angry at the cards, do you? Maybe the other players (heh), but that's equally silly. Just play what the game gives you, garner your profits as you may, and leave the emotion for your personal life....but this is just my attitude....I could be wrong.
PM last sale now $109.95...
I'll just settle for the 'ol chug and churn folks allowing the bid to get north of $17.50 right now. One (plodding) step at a time. One thing is sure...this ain't no GILD or BABA in terms of zooming along, eh? It is what it is....a plodder....
Damn! This thing is a run away train. Bid now $114.70. Someone mentioned $115? That might prove a most excellent call. Let's see if it can continue apace today....I keep looking for a profit-taking p/b, and every time it bulls ahead.....not that I'm complainin' mind you. ;-)
Suro: Good points....excepting I'd be curious as to GE's toal profit "pull" out of DRYS over the years juxtaposed against his current 17% stake (or skin) in the game. It could be he could walk away without so much as a backwards glance....unless his name is on the "go here" line should creditors come a'callin'. Heh! And something tells me he ain't that stupid.
Regardless...I've played DRYS from time to time...mostly trading it....so it'll remain on my radar...but I really don't expect much out of 'em from now into well on 2015. Someone said dead money? That about sums it.....again...unless something comes along to change the current equation.
Just my thoughts....
Codi: Not sure you'll see 10pennies lower from here (bid $17.32)...but a mid/high $17.20's bid might get hit. The bid is riding that pivot line, with .35 a seemingly hard "don't pass" line...the whole week has been this way since the test of that pivot on Nov 4. The bad news is I don't see much upside left for today.....the good news is next week is a new week....and with a little luck, no global economic meltdown or BAC management "surprises" my WAG is $17.50 will get tested....so I'm taking a low key approach on it for now....just waitin' on the set-up setting up. For excitement I'm looking at Nests BABA. Now THERE's a runner....the current Wall Street darlin'. Just be careful should the love affair sour....which it inevitably will....though probably not for some time to come....
BAC bid $17.32....chug and churn....churn and chug...
Damn if it ain't sumthin' how the machinery is running the bid right at that (much) aforementioned downtrend (or pivot) line. A line which now sits at ~$17.32. Funny how TA (sometimes) works, eh? ;-)
Suro: I think you about summed it. For the duration DRYS and ORIG are enmeshed. Kind'a sort'a like YHOO is to BABA....but a hell of a lot less interesting than the YHOO relationship. I suspect, from the way the intraday characteristic is shaping up....bid now $1.45...that the market is not going to go much further with the equity until management proves themselves actually capable of running a going concern. Something along the lines of your aforementioned catalyst. Because right now the perception seems to be one of DRYS being mgmnt's ATM....and that's not exactly viewed as being friendly to shareholder (best) interests.
Current bid $17.27. Looks like maybe that swamp zone is now relative support? That'd be a good thing....meanwhile...hey Nest...yer BABA be the latest example of Wall Streets infatuation with a "flavor of the moment?" My term for individual equity mania's. Ride it for all it's worth? ;-)
Definitely playing above $113.....from a trading point of view I'm hard pressed to see much more upside so am stopping my trading holdings accordingly with the bid at this level....longer term this one's a keeper though...to be honest....I'm not impressed with the transparency of the representative CCP under which this company exists. So I'll always be keeping one eye on them and the door. Heh!
An on sale frenzy, eh? Welcome to the new "flavor of the moment" mania courtesy of Wall Street. ;-)
Current bid $112.73
tfamily: I tend to agree. This is probably a day to just set up a low-ball bid (if yer trading or have a short-term perspective), the go out and play somewhere.....at least as it relates to BAC....it's Friday....and I guarantee only one thing...it'll be another chug and churn fest for sure....that's about it.
Marine: Fineman is probably right....but consider her vested interest position in BAC as a clue to how she'd react. And despite my gut reaction about management just now informing the investinng populace on something they damn well probably knew before earnings I'll have to side with poster John Freeman's comment about better in 3rd Q than 4th Q. A "throw everything plus the kitchen sink" modus operandi. This despite my impression that this does nothing to assuage they won't be doing something like this again.....but....'tis the nature of the game, eh?