DRYS- Sold for a loss of 4.31%
Last week, I entered and exited this trade on the same day. I was contemplating whether or not to enter and eventually just pulled the trigger that day. Long story short, it hit my stop, so I exited. The reason I entered was because I’ve seen this stock go from $30 to $50 to $100 a position in it. I wanted to see if I could catch the shipping trend and it looked like a good entry point.
Familiarity with the industry’s trends held me back from purchasing shipping stocks. Normally, imports and exports volume begins to slow early fall and winter. I called this trend too early. Third quarter’s profits are not out yet for most of these shipping companies. When they do come out they should show positive results because “peak season” for the water transportation industry is from June to September.
Stocks like EXM, TBSI, and DRYS doubled in the last few weeks. It just so happened that I was extremely busy those past few weeks and didn’t get a chance to screen any stocks. That and I was already 100% in the market. Even though, I missed big moves, I understand that I can’t capture every big move in the market.
Labels: Featured Stocks, Finances