I took some additional profits on DryShips, INC (DRYS) two days ago by selling some shares at $10.07. Well it looks to have blown through the $10 range and is onwards and upwards. Currently DRYS is trading at $11.42 in pre-market and I'm wondering how long this upward trend is going to continue and where the next possible consolidation point will be....are we talking $15, $17, $20?
How much of this is tied to a "short squeeze" or have we passed that point already. There must be some people out there foaming at the mouth seeing this huge upswing. In my opinion, shorting at this level is not advised until this stock settles and a new base begins to form or one could look to play both sides of the fence with a spread.
1 comment:
Definite huge pullback in DRYS. I was able to sell a majority of my shares in the $7.00 - $10.00 range. If this pullsback and gets to $4.00 - $5.00 range then I may have to re-load
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