Whilst the main market remains broadly bullish, the transport stocks are battling to join the party. Dry Ships (DRYS) saw significant gains today as it broke back into the $4s, settling +6.7% @ $4.14. Near term outlook is bullish.
It has been a messy opening few months this year for DRYS. Yet..with the sp'500 in the 1870s, and the Trans in the 7500s, DRYS is finally starting to pick up some momentum again.
With the break into the 4s, the late Dec' high of $5.00 is now the obvious target.
*my broad outlook is for a key turn around the time of the next FOMC of March'19.
Best guess, DRYS does at least get close to testing the big $5 threshold, but if the main market rolls over again, we could be looking at a double top..with DRYS slipping back to the 3s..even 2s by late summer - if sp'1500s.
I remain a fan of the company, but only on a longer term basis, and DRYS is without question a pretty speculative stock to meddle in.