This is a very interesting stock, in a way the embodiment of the , so often referenced Baltic Index, even it has nothing to do with it. Dry , no doubt , refers to the type of (bulk/container) goods carried, not to whether or not alcohol is served on board. The stock is interesting for the simple reason that it dropped from $130 or so to just under $3, where it would have been a screaming buy under the “always buy anything < $3, at least, for the first timeâ€. This one may provide an encore soon. Here is the big chart;
For all intents and purposes this is an A-B-C correction, the only remaining question is, is there going to be another low or is this all “base buildingâ€. Here is a little more detail, both arithmetic and log scale.
At yesterday’s low of $6.66 , yes you are reading this right, this may just be a very good buy. Unfortunately as I do not presently have the outstanding services of a large research department at my disposal , I would suggest you speak to your broker first as I know nothing about the company. Shipping, which activity almost took down Bank of America in the late 60-ties , early 70-ties is a capital intensive business and consequently has very dramatic ups and downs, regardless of under what flag business is conducted. As far as the economy is concerned, it has to be the canary in the coalmine par excellence. You are on your own, but think of the potential!