September 6, 2013

Follow Up on the Baltic Dry Index and Shippers

I made a post on the Baltic dry Index early this year as it looked like it was possibly forming a bottom. Some people believe the index to be an economic leading indicator. I did some subsequent posts on some shipping stocks. Well, the bottom finally came on the Baltic Dry Index and it looks like a bullsih consolidation. It has just so slightly broken out of the trading range it has been in all year. I put up a chart that shows the breakout of the range and retest. We've just retested and it's still moving strong here. Shippers like ESEA, PRGN, DRYS have some very nice momentum charts. A lot of them are coming off high flags like GNK, BALT and SBLK. My favorites are Euroseas ESEA and Dryships DRYS.