The dry shippers have been all the rage over the last week and everyone from the barber to the construction guy became an expert on the Baltic Dry Shipping Index.
Then today happened and lives were lost. As you can see above, Dryships went from 5 to 110 and back to 11. That will leave mark.
Here’s another beauty.
So what is the moral of the story grasshopper? The answer is don’t be an ass and chase these things…EVER. I didn’t mention one of these names in the chatroom all week even though I saw what was happening as the fur was flying. Just avoid, no reason to get all ginned up on these thinly traded widow makers. But I digress………
The Russell was up for the tenth day in a row today and that’s not normal, so expect a pullback. The Nasdaq acted better, so I added TQQQ to the P&L. Is till think the Nazzy will play some catch up as we head to Thanksgiving.
See you in the morning.