I knew it! I knew there was something evil brewing with Dryships. I was heavily short this dumb company, but ended up covering 1/2 today due to that stupid on-the-Fed-news rally. Lol.
Take a look at DRYS now, down -20% after hours on bad “loan news” (http://www.reuters.com/article/marketsNews/idINBNG3011520090128?rpc=44).
DRYS has effectively reached my “single-digits” target I made when it ran up to 16 this month. I’m starting find more and more of these bad business practice companies. Remember ARTC? It’s a pinksheet now. Lol.
Here’s my death hammer on the entire Shippers industry I made back in July. Sink ’em: http://www.thehawaiitrader.com/2008/07/charts-coal-stocks-jrcc-pcx-ncoc-ico.html
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Good call Gio!
Hahahaha awesome picture dude!
I think I see Leonardo DiCaprio on the bow.
Great Pic! haaaaaaa!
DRYS is fucked – nice call.
The options on this one made traders soooo much money on both sides.
Whew! I traded in and out of DRYS the last few days. Dodged a bullet.
“I’m the king of the world!” No, not DiCaprio, George Economou, CEO of DryShips
anyone remember this article from Economou back in November?
http://www.forbes.com/2008/11/03/drys-shipping-closer-markets-equity-cx_ra_1103markets39.html
… article was entitled “CEO: Don’t Dump DryShips”, and DRYS was trading at $22 that day. Hmmmm. Now you’re down -50%. Ship is going down.
So what’s next 😀
I wish you would have posted something on it before I bought in off of this damn rally!! Haha phenomenal call dude!
ZM
I bought DRYS on the 23rd and sold it the next day, which was 2 days ago. Now, that’s divine intervention.
I say this one is a “Short and forget” trade.
Gio gots to patent his brainwaves before market makers file suit for prior use, egregious insight and impeding the fleecing of sheep. Not sure if ticks around VIX 38 were real, seems like if I was a trillion dollar traderobot I’d start averaging in for green VIX (and sinking ships). And saving my pennies for consolidatedglobalworldwideshipcorp.
CA, you keep making money on the same trade as me but on the opposite side. Lol. First, ARTC… then DRYS … and today’s tape- you played the Fed melt up, I played the Fed fade.
@Manatrader, I’m trying to figure that weird Vix #… i think it went as low as 33.80 http://finance.yahoo.com/q/bc?s=^VIX&t=1d
… for now Vix is trapped. Too much confusion on tape; i think everyone wants to be long AND short. yeah, doesn’t make sense. switching to momentum indicators on the banks/financials for guidance on tape.
Being a Merchant Marine, that pictures brings back some old memories of some nasty storms that Ive had to ride out. Mother Nature can be one tough old broad.
This is some good shit! Agree that DRYS can be shorted tomorrow.
With all the shorting action, it seems you’ve forgotten to account for the fact that the float won’t actually increase until the new share offering takes place. Unless enough weak longs bail in the near term, there’s not enough liquidity to drive the price down much, so you’re just as likely to intensify the squeeze.
To tell you the truth, I’m counting on that action. Once the new floor is set (could be set already after hours or it might take a couple of days), I’ll be ready to ride another squeeze wave courtesy of all you overeager shorts. Only if new shorting fails to materialize would the pricing action fail to deliver continued explosive upside.
SOLD TO YOU!
Picture of the Month!
That’s a great retouch of the original photo. Kind of fitting that the Erika sunk off the coast of France in a severe winter storm, much like RBS today. [insert single hull financial tanker analogy]
@jaddedapprentice point taken. but its a momo play, and this turn of events caught bulls off guard which can swiftly shift the momentum back to the bears. right now, its short on the pops play.
I know, strange, but even crappy stocks have nice set ups for a short time. This news brings DRYS back to the 50-day MA, fighting for it’s life.
Gio,
Your title should have been DRYS to 0. They are desperate for cash. Will dilute until nothing of value remains for common holders. Next chapter is Chapter 11.
Gio,
I am also HEAVILY short on DRYS via puts…but I must warn you, $9.00 is HUGE support for that stock…should we break that, I agree, we are most likely testing the lows.
So far, we bounced right off $9.00…
Covered. +23% will re-enter DRYS later. much lower in a few weeks.
Nice trade and nice picture. The people in the life raft must be shitting bricks that the smoke stack doesn’t clip them on the way down.
Fri will be all over the place. First the market will try to digest the GDP number’s and then the masses will be looking at AMZN up 14% in AH, and start picking up other retail stocks—I’d keep my eye on WMT–could get a retail led rally.
Siiick trade…twitter trade of the day imo..wish i’d carpetbombed DRYS with ya