As you know, I’ve been very bearish on the shippers for the past 2 months. However, shippers may have reached a temporary bottom here. The Baltic Index has been falling too hard. I expect it to bounce around the 8,000 mark, so keep your eyes on the shippers. They are oversold, and today they have a mini-relief rally. Could go on for the next few days. I almost bought DRYS today, but I will read TBSI’s earnings report first..
TBS International Limited [[TBSI]]
DryShips Inc. [[DRYS]]
Excel Maritime Carriers Ltd [[EXM]]
Diana Shipping Inc. [[DSX]]
Link to the baltic index chart: http://www.investmenttools.com/futures/bdi_baltic_dry_index.htm
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I like this call.
Seems to me the economy has decelerated since January when the index was at lower levels. Then again I am short DRYS and looking for a retest of the recent lows
Oldman, I will wait until DRYS retests a meaningful resistance before shorting. I was short TBSI since last week, but covered earlier this week. I think the easy money shorting shippers is done for now.
Whoa. TBSI just squeezed out 4% more since this post. Maybe I should have got some TBSI.