 | oldmantrader- shorting DRYSby oldmantrader on July 28th, 2008 at 10:10 am |
Baltic Dry Index has hit a three month low - can DRYS be far behind?- stop loss 76 , initially target of 71 then 68
9 Responses to “oldmantrader- shorting DRYS”
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looks ready to fall, I may follow you on this.
July 28th, 2008 at 10:33 amnice pick gramps !… it gave the old MM head fake higher opening print - a sure sign theres a big seller who needs to dump a position thats hes choking on to the poor unsuspecting piker
update: fuckers! couldn’t get a borrow on it … pisses me off .. this is all Paulsons fault … they will pay !
July 28th, 2008 at 10:35 amjuice, since you cannot short DRYS, do you think some of the other shippers may be good for a short? when would you have confirmation that shorting the shippers is a good idea? thanks or as Danny would say Danks!
July 28th, 2008 at 10:41 amBuylo,
I trade through Goldman so I am able to get stock but I am also short TBSI which is not on the hard to borrow list.
July 28th, 2008 at 10:44 ambuylo .. probably
DRYS had the best setup but they all look pretty leaky
gold stocks reversed off the opening print … always cast a wary eye on a large move up or down in premarket or on the open. Market makers often print bullshit highs or lows to suck in buyers or sellers, and if it is a headfake, the stock may trend in the opposite direction all day, as the real move unfolds.
July 28th, 2008 at 10:48 amOMT, I’m watching DRYS also.
July 28th, 2008 at 11:11 amTBSI is probably a better short since it is not on the Hard to borrow list. using 36 as a stoploss and 33 to 34 as target
July 28th, 2008 at 11:42 amgreat pick.
July 28th, 2008 at 1:27 pmTBSI is forming a giant long term triangle, with an uptrend line that is showing support at $30 (at this point in time, and rising gradually higher as we go forward). Much safer short after a break of that uptrend, but probably okay up til there.
Top of the triangle is descending from the 10/18/07 high ($71.15) through the more recent intraday high of 5/19/08 ($61.95) and currently forming a “roof” on the triangle channel at about $57.00-ish. Again, I’d feel more comfy shorting from those climes, than these current ones.
_
July 28th, 2008 at 1:53 pm