Greece continues to dominate headlines, after the fiscally strapped nation last night submitted a new bailout proposal to its creditors -- who now have until Sunday to accept or reject the terms. Optimism over the new deal has helped lift global markets, and three shipping concerns seeing a much-needed boost from the day's bullish bias are DryShips Inc. (NASDAQ:DRYS), Diana Shipping Inc. (NYSE:DSX), and FreeSeas Inc (NASDAQ:FREE).
DRYS is up 1.41% this morning to trade at $0.54. Longer term, it's been a rough road for the stock, which has surrendered almost 82% year-over-year, and hit a record low of $0.49 on Tuesday. In the options pits, speculators have shown a clear penchant for long calls over puts in recent months. In fact, at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), DryShips Inc.'s 50-day call/put volume ratio of 19.90 ranks just 1 percentage point from a 52-week peak.
BMTI Drybulk Reports @bmti_daily 4m4 minutes ago
A robust return to business for #Panamax vessels in the #Pacific as finally enough open tonnage has been absorbed to push rates up.
all time low! hahahahahah. Down $2.50/share. Not bragging, just blessed
Easy money, he said, when he bought it at $8.74.
Sold to you at 3+ after the middterms for 90% profit.
The day I wrote that post, the stock was in the mid 10s. The all time low was $9.80 which was the line in the sand. It had less than $1 of downside and unlimited upside for a prudent trader. It was low risk until it violated that all time low and then it became high risk.
Learn to trade.
Too bad this happened. Seeya.